in good shape - allianzfra 23% em 6% other corporate bonds 10% 7ys mat., ~4.1% 95% bbb or better...
TRANSCRIPT
In good shape
Analysts’ conferenceFebruary 24, 2012
Please note: Presentations based on 2011 preliminary figures
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Financing Investments Transactions
Group financial results 2011
In good shape
Paul Achleitner
Oliver Bäte
Michael Diekmann
CBA
Agenda
Appendix GlossaryInvestor Relations contactsFinancial calendarDisclaimer
In good shape
Michael Diekmann, CEO
Analysts’ conferenceFebruary 24, 2012
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Sovereign debt crisis
Business optimization
Outlook3
Strategic priorities 20122
2011 – the CEO assessment1AIn good shape
A 2
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A very difficult environment in 2011 …
Sovereign debt crisis
2010 2011
2010 2011
2010 2011
2010 2011
Weak equity markets
Severe NatCat events Low risk-free interest rates
69
23
4.4
3.2 2.9
1.8Japan
AustraliaNew-Zealand
Thailand
NatCat claims(CR in %)
Greek 10ygovernment bond(market value in %)
German 10ygovernmentbond yield(in %)
276245
A. In good shape
196
133
STOXX Europe600
STOXX EuropeBanks 600
A 3
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%100 200
120
140
184%
160
180
100 200
120
140
179%
160
180100 50
59.0%
9080 70
60
90110
105100
97.8%
95
4.50EUR
0 61
2 3
5
4
2.8EUR bn
0 122
4 6
10
8
7.9EUR bn
-6
-2 2
6
0
-2.7%
Growth Operating profit Net income Dividend1
0
1 3
4
2
2.3%
L/H NBM AM CIR External solvency2 Internal solvency3
Group
P/C CR
Segments Capital
0 61
2 3
5
4
… mirrored on CEO KPI dashboard
A. In good shape
1) Proposal2) Financial Conglomerates Directive
-4 4
3) Economic solvency, calibrated at 99.5% confidence levelA 4
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Operating profit 2011 (EUR bn)
Total
L/H
AM
Co
P/C
Outlook published 02/11Target range
Avg. asset base up 7.1% EUR 1.3bn net inflows
EUR 39bn net inflows1
CIR 59.0%1
NatCat at all-time high CR 97.8%
As expected
Almost at mid-point of outlook
But operating profit within target range …
A. In good shape
4.2
1.8
-0.9
7.5
2.2
4.8
2.8
2.2
-1.1
8.5
4.2
-0.9
7.9
2.3
2.4
1) AGI, since January 2012 AAM A 5
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7.9
8.2
7.2
7.5
10.1
9.0
6.9
6.3
Stable operating profit in tough environment …
… thanks todiversification
Operating profit1(EUR bn)
2004
2005
2006
2007
2008
2009
2010
Operating profit by business segment2(in %)
63
60
62
59
73
49
47
47
23
23
25
28
15
34
31
27
14
17
13
13
12
17
22
26
1) Historically reported figures excluding Banking segment 2) Based on historically reported figures
excluding Corporate & Other, Banking and consolidation
2011
P/C L/H AM
… confirming balanced business model …
A. In good shape
A 6
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EUR 2.0bn payout
Attractive dividend yield of 5%
Normal payout ratio of 40% uplifted due to additional non-cash impairments driven by financial crisis3
Dividend supported by
operating profit
business outlook 2012
Stable payout ratio in relation to operating profit
Dividend policy subject to maintaining strong capital adequacy
A. In good shape
… enabling dividend continuity
2007 2008 2009 2010 2011
DPS (EUR)5.5
4.1 4.53.5
2007 2008 2009 2010 2011
4.51
Payout ratio (in %)2
Net income
Payout ratio (in %)4
Operating profit
3140 40 40
23 2126 25 26
2007 2008 2009 2010 2011
~30%-p.due to highernon- operating impairments3
81
1) Proposal2) Based on net income from continuing operations, net of non-controlling interests, as historically reported3) Refers to additional non-operating impairments compared to 20104) Based on operating profit as historically reported A 7
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Sovereign debt crisis
Business optimization
Outlook3
Strategic priorities 20122
2011 – the CEO assessment1AIn good shape
A 8
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Sovereigndebtcrisis
Risk
Debt impairments
Low risk-freeinterest rates
Low growth
Tail risk:Eurozone break-up
Relatively low exposure Conservative accounting (marked to market)1
Strong operative earnings Strong capital
Still good margins at reasonable risk Good lapse protection Strong balance sheet buffers
Good diversification by regions and segments Focus on efficiency improvements
Relatively low exposure to GIIPS Majority of assets matched with local liabilities Long-term liabilities (low liquidity risk)
Status
A. In good shape
Sovereign debt crisis
Allianz well positioned for uncertain times
1) Majority of sovereign debt classified as available for sale A 9
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Limited investment exposure (EUR)
1. Conservative portfolio1 2. GIIPS sovereign debt exposure manageable
AAA 43%AA 14%A 24%BBB 13%
Not rated 3%Non-investment grade 3%
Debt investments 90%Equities 6%Real estate 2%Cash / Other 2% 32.3bn
+23.1bn
72% (23.1bn)
163%
-3.7 GIIPS
7% (32.3bn)Total assets461bn
179%
32.3bn83% (26.9bn)
8.0bn46% (3.7bn)417bn
A. In good shape
GIIPS sovereign debt represents only 7% of total assets4
72% matched with domestic liabilities
… and 16%-p in regulatory solvency ratio …
… and 19.4bn net unrealized gains3
90% fixed income …
… with high quality2 …
… before policyholders and tax (83% held in Life)
Unrealized losses 46% of annual operating profit …
Sovereign debt crisis
Total assets461bn
1) Portfolio discussion is based on consolidated insurance portfolios (P/C, L/H, Corporate and Other) 2) Rating split excluding EUR 17bn seasoned self-originated German private retail mortgage loans3) Before policyholder participation4) EUR 32.3bn, thereof ITA EUR 26.1bn A 10
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Low operative exposure to peripheral countries
2011: Operating profit1,2
GIPS
2011: Revenues2
Italy
GIPS
Italy
Global linesNon Europe
Europe ex GIIPS
10
83
7
A. In good shape
Even break-up scenario with limited impact
Sovereign debt crisis
Global linesNon Europe
Europe ex GIIPS
104
86
1) Excluding Holding & Treasury2) Figures used for the split are not consolidated on a Group basis A 11
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Business in force(based on aggregate policy reserves)
New business
2.7%
1) Based on IFRS current interest and similar income2) Weighted by aggregate policy reserves
GermanyReinvestmentyield of 1.5% sufficient to pay all guarantees
5.0%
Ø guaranteeof new
business2
2011
Reinvest-ment
yield F/I 2011
Current1yield2011
Ø min. guarantee2
2011
230bp Covered bonds10ys mat., ~4.2%
87% A or better
25%
25%
Government bonds15ys maturity, ~4.1%
92% A or better
ITA 8%
FRA 23%
EM6%
Other10%Corporate bonds
7ys mat., ~4.1% 95% BBB or better
~2.1%
210bp
2012e~1.7%
3%
ABS/MBS11ys mat., ~4.7%
95% A or better
Healthy life margins despite low-yield environment
~47%
A. In good shape
Sovereign debt crisis
+ strong bufferEUR 17bn of RfB equal 5.3% of aggregate policy reserves
~4.2%
A 12
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Sovereign debt crisis
Business optimization
Outlook3
Strategic priorities 20122
2011 – the CEO assessment1AIn good shape
A 13
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Growth
Pricing
Bancassurance optimization
Cross-border synergies
Agency Future Program
Reorganization (P/C GER, US)
AM repositioning
Reinsurance optimization
OE collaboration
Digitalization
Claims
Global lines
Automotive
Distribution
Expenses Initiative
Reg
iona
lG
loba
l
A. In good shape
Businessoptimization
Strategic focus on business optimization
A 14
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Acquire customers directly at point of sale Use cross-selling opportunities Create global co-operations to enhance scale and market potential
Business covering 44 brands in 28 markets Global market leader with GPW of EUR 2bn in 2011 15% CAGR over last two years, CR 2011 98%
New co-operations signed with Daimler in IT, BMW in UK/FR, Honda, Nissan, Suzuki in AUS Growth focus on Brazil, Mexico, China China: Co-operation with CPIC including
enlargement of product range Medium-term outlook:
GPW of EUR 2.8bn, combined ratio <98%
Concept
Achievements
Outlook
Strong growth in AutomotiveBusinessoptimization
A. In good shape
A 15
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Digitalization along the value chain
Key digital dimensions
Identify and designnew digital businessopportunities
Intensify partnerships Consolidate digital /
technologicalknow-how
Provide incubatorsupport to OEs
Strategy
A. In good shape
Businessoptimization
Increase quality of data for risk and market based pricingData warehouse
Retail product transformationOffersAnalytics & products
Employees
Technology
Process
Customer contact
Multi channel
Ensure up-to-date equipment and know-how
Globally scalable IT with flexible interfaces (platform rationalization)Productivity
Fast, standardized and automated processes
Increase frequency and qualityof customer contact
Grow digital relationships withend customers across all distribution channels
Interaction
A 16
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Asset Management repositioned …
1) Sub-segment AGI, since January 2012 AAM2) Operating profit growth excluding f/x impact
A. In good shape
Businessoptimization
► Client needsClients demand global solutions across asset classes and strong trusted advisor services
► DistributionUniform sales approach no longer sufficient for success in institutional and retail distribution
► Asset classesEquity and fixed income differentiation does not reflect the abilities of the entities
► ProductsSpectrum distinct, but increasingly overlapping, confusing the value proposal of the distinct investment processes
► Leadership and governanceNeed to reflect new evolvement
Reasons for structural change
… to better respond to client demands
Shared services
Total AuMEUR 1,631bn1
Since 2012:
Aspiration (over full cycle)
Operating profit: 5% – 10% p.a.2
Average CIR: ≤ 65%
3rd party net inflows: ≥ 5%
≥ 70%3-year asset weightedoutperformance:
A 17
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Fine-tuning of German insurance business
InsuranceGermany
Lever
P/C growth
P/C claims
P/C expenses
Life / Health
Modular product design Sales productivity in agency channel Broker initiative Acceleration of direct business
First level process optimization Board member with central claims responsibility Improved procurement Redesigned fraud management
Reduction of central costs New agency and bancassurance support format Optimization of production sites and HR costs Increased automation
Sales productivity in agency channel Redesign of options and guarantees
Management actions
A. In good shape
Businessoptimization
A 18
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“My car” product in Germany
Win-win: tailor-made product for customers, cost reduction through industrial production of modules
Sophisticated portfolio management throughdifferentiated pricing for every individual module
A. In good shape
Average new business premium per contract up 6% versus previous year
Transfer of concept to other product families possible
Businessoptimization
Basicprotection
Add-onmodules
Example: successful modular product designto meet customer needs
A 19
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Significant improvement potential in German P/C …
Combined ratio P/C Germany(in %)
102.9
75.1
27.8
69.0
26.0
95.0
2011 2014e
Claims ratio
Expense ratio
-7.9%-p.
A. In good shape
Businessoptimization
Targets for 2014- GPW +5.8%- CR -7.9%-p.
High single-digit price increase in motor end of 2011, impact to come in 2012
New agency format to increase productivity up to 20%
Largest part of improvement to come through in 2013
Operating profit improvement potential in excess of EUR 0.5bn
A 20
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… and continuing success story in German Life
Operating profit Allianz Leben (EUR mn)
262347
521621 677
980877
696
263
2003 04 05 06 07 08 09 10 2011
3.1
Undisputed #1 position in Germany
Success factors:- Financial strength- Product innovation - Efficiency
2011 with 2nd best new business result despite sovereign debt crisis
Significant reserves1 of EUR 10.2bn or 8.0% based on policy reserves
Over last 5 years:- EUR 30bn credited to policyholders- EUR 2bn dividends paid
18.1%
14.4%
15.2%
25.3%
10%
15%
20%
25%
30%
Market share Allianz Leben
New businessTotal GPW
2001 02 03 04 05 06 07 08 09 10 2011
A. In good shape
Businessoptimization
1) Free RfB and terminal bonus fund (German local GAAP)
10%
15%
20%
25%
30%
NBMin %
A 21
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Sovereign debt crisis
Business optimization
Outlook3
Strategic priorities 20122
2011 – the CEO assessment1AIn good shape
A 22
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Management focus 2012
German P/C
US P/C and VA
Distribution
Global lines
Capital management
Sovereign debt crisis
Low interest rates
Solvency II
Internal External
A. In good shape
A 23
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Helga Jung
Responsibilities: InsuranceIberia and Latin America,M&A, Strategic Participations,Legal & Compliance
Joined Allianz Group in 1993 Professional experience: Head
of M&A, International Finance, Corporate Finance & Controlling
Gary Bhojwani
Responsibilities: Insurance USA Joined Allianz Group in 2004 Professional experience:
President and CEO Allianz Life, President Commercial Business FFIC, other CEO positions in the insurance industry
New board members
Dieter Wemmer
Responsibilities: Insurance France, Benelux, Italy, Greece, Turkey; Global P/C
Joined Allianz Group in 2012 Professional experience:
Global CFO, CEO/ COO General Insurance Europe,Head of Controlling, Head of M&A in the insurance industry
Maximilian Zimmerer1
Responsibilities: Finance & Investments, Global Life
Joined Allianz Group in 1988 Professional experience:
CEO Allianz Lebensversicherung, CEO Allianz Private Kranken-versicherung, RCM US, Managing Director Allianz Asset Advisory and Management GmbH
A. In good shape
1) Starting June 2012 A 24
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Solid operating profit outlook 2012 …(EUR bn)
P/C L/H AM Corporate +Consolidation
Outlook
Range of operating profit outlook reflects diversification
Disclaimer:Impact from NatCat,financial markets and global economic development not predictable!
4.0 – 5.0
2.2 – 2.8
2.0 – 2.4
-0.9 to -1.1
+0.5bn
-0.5bn
~8.2
A. In good shape
A 25
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1
2004
2005
2006
2007
2008
2009
2010
2011
Non-controlling interests Combined ratio 10y Bund yield
Equity gearing4 Banking exposure Reinsurance governance
… and well positioned for mid-term development
Stable operating profit1 range1
… with improved risk profile …3
1) Historically reported figures excluding Banking segment in EUR bn2) Financial Conglomerates Directive3) Share of Global Lines in operating profit
… and higher profit potential (EUR bn)4
Better starting position …2
Operating asset base
1,822
971
20112004
31%
110%
20112004 20112004
9
108
20112004
0.3
1.2
FCD2 solvency ratio
179%120%
20112004
Global Lines3
20112005
40%
23%
Mega Cat
Cat bonds, Swaps Super Cat
Additional Group retention
Retentions of operating entities (OEs)
(RWA5 EUR bn)
(EUR bn)
6.3
6.9
9.0
10.1
7.5
7.2
8.2
7.9
4) Net equity exposure after tax and policyholder participation as % of NAV5) Risk Weighted Assets
2011
97.8%
2011
3.4%
1.8%
5 year average
5 year average
96.3%
A. In good shape
A 26
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Summary: in good shape
EUR 4.50 dividend with 5% yield
EUR 7.7 – 8.7bn operating profit 2012e
Resilient operating profit in difficult 2011
Well positioned for positive mid-term development
Even European tail risk manageable
Well positioned for the
“New Normal”
A. In good shape
A 27
Group financial results 2011
Analysts’ conferenceFebruary 24, 2012
Oliver Bäte,Member of the Board of Management
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Additional information – 4Q results8
Summary6
L/H4Asset Management5
Additional information7
P/C3Group2Highlights1
BGroup financial results 2011
B 2
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Highlights of 2011 financial results
B. Group financial results 2011 – Highlights
Severe external shocks …
Sovereign debt andbanking crisis
Record low interest ratesand high market volatility
NatCat losses nearall time high forinsurance industry
Revenues of EUR 103.6bn: P/C on track, L/H reflecting margin discipline andAM growing strongly
Operating profit strong at EUR 7.9bn, especially in lightof strict impairment policy
Resilient capital position anddividend power, despite highimpairments
… but resilient performance
B 3
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2011 was another year of serious shocks
B. Group financial results 2011 – Highlights
Credit spreads development (bps)1 Equity markets development
Allianz NatCat losses (EUR mn)Volatility indexes and Euro swap rate
1,764
1,264
447667
774
211
1,090
30270
2003 2004 2005 2006 2007 2008 2009 2010 2011
60
40
20
0
8%
6%
4%
2%2011
–– VDAX
–– VIX
3000
2000
1000
0
10y governmentbonds
–– Greece
–– Portugal
–– Italy
–– Spain
–– France
2011
1400
1200
1000
800
600
Indexed to MSCI Europe
–– S&P 500
–– MSCI Europe
–– DAX 30
–– MSCI EuropeFinancials
2011
1) Based on 10-year German government bond
–– 10y EUR swap rate
B 4
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Key financial results
1) Internal growth -2.1%, adjusted for F/X effects and consolidation effects
201120102009
103.697.4 106.5
-2.7%1
7,8667,044 8,243-4.6%
2,8044,650 5,209
-46.2%Net incomefrom continuing operations(EUR mn)
Operating profit(EUR mn)
Total revenues(EUR bn)
B. Group financial results 2011 – Highlights
Impairments, including Greek government bonds and financials
Key drivers
Margin focus and lower bancassurance salesin L/H
Record NatCat claims
Impairments
B 5
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Dividend proposal reflects resilient balance sheet
B. Group financial results 2011 – Highlights
81%140%40%40%31%23%19%31%Payout ratio3
7,866
2,545
2,0491
2011
6,856
2,199
674
20042
7,743
4,380
811
20052
10,386
7,021
1,642
20062
8,2437,0447,43310,915Operating profit
5,0534,6023,9677,966Net income3
2,0321,8501,5802,472Dividend
201020092008220072EUR mn
1.75 2.00
3.80
5.50
3.504.10
4.50 4.501
Dividend per share(EUR)
1) Proposal2) Based on historically reported numbers3) Net income from continuing operations, net of non-controlling interests B 6
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Shareholders’ equity is shock resistant
Shareholders’ equity1
(EUR mn)
1) Excluding non-controlling interests(31.12.09: EUR 2,121mn, 31.12.10: EUR 2,071mn, 31.12.11: EUR 2,338mn)
2) Including F/X3) After non-controlling interests, policyholder participation, tax and shadow DAC4) Including derivatives
31.12.09 31.12.10 31.12.11
44,491
28,685
5,057
10,749
+1.0%
40,108
28,635
6,016
5,457
Paid-in capital
Unrealizedgains/lossesRetainedearnings2
B. Group financial results 2011 – Highlights
Equity markets -30%4
Interest rate +100bps
Interest rate -100bps
Credit loss/migration5
Credit spread +100bps6
Interest rate +100bps/equity markets -30%4
Estimation of stress impact3(EUR bn)
-3.6
+2.9
-1.8
-1.4
-2.6
-1.3
5) Credit loss/migration (corporate and ABS portfolio): scenario based onprobabilities of default as in 1932, migrations adjusted to mimic recessionand assumed recovery rate of 30%, migration restricted to AFS portfolio
6) Credit spread stress on AFS corporate and ABS portfolio
28,763
44,915
11,526
4,626
-6.2
F/X USD -10%
B 7
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Conglomerate solvency remains strong
Conglomerate solvency1
(EUR bn)
Solvency ratio
+6%-p
164%
31.12.09 31.12.11
39.6
22.9
31.12.10
21.2
34.8
Available fundsRequirement
B. Group financial results 2011 – Highlights
Estimation of stress impact1
Ratio as of 31.12.11
Equity markets -30%
Interest rate +100bps
Interest rate -100bps
Credit loss/migration
NatCat
Credit spread +100bps
179%
181%
174%
175%
179%
175%
169%
Interest rate -100bps/equity markets -30% 164%
100%173% 179%
42.6
23.8
F/X USD -10% 178%
1) Including off-balance sheet reserves (31.12.09: EUR 2.0bn, 31.12.10: EUR 2.1bn, 31.12.11: 2.2bn) pro forma.The solvency ratio excluding off-balance sheet reserves would be 155% as of 31.12.09, 164% as of 31.12.10 and 170% as of 31.12.11.Includes the proposed dividend of EUR 4.50 per share. For more details please refer to the glossary B 8
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B. Group financial results 2011 – Highlights
Economic solvency1
(EUR bn)
Solid economic solvency at Solvency II calibration
Available fundsRequirement (confidence level 99.5%)
Estimation ofstress impact2
Ratio as of 31.12.11
Interest rate +100bps
Interest rate -100bps
Equity markets -30%
Equity markets +30%
F/X USD -10%
Interest rate -100bps/equity markets -30%
Credit spread3 +100bps
1) Available funds reflect yield curves and liquidity premium for valuation purposes in line with the current proposal of the EIOPA for L/H segment2) Estimated solvency ratio changes in case of stress scenarios (stress applied on both risk bearing funds and risk capital)3) Credit spread stress on corporate/ABS bonds; not included are AAA collateralized bonds which are predominantly covered or agency sponsored bonds
Requirement (confidence level 99.97%)
184%
149%
195%
173%
206%
182%
136%
168%
Confidence level
99.5% (99.97%)
(143%)
(115%)
(151%)
(134%)
(160%)
(140%)
(105%)
(130%)
Economic solvency ratio (confidence level 99.97%) Economic solvency ratio (confidence level 99.5%)
31.12.1131.12.10
202%
25.8
-18%-p
184%
26.7
34.5
52.1 49.2
31.4
166%
-23%-p
143%
B 9
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Further strengthening our capital position
Key levers
De-risking of net exposureto financials
Further de-risking of peripheral counterparty and sovereign exposures
Optimize interest rateand spread sensitivity
Focus investments on businesses with stronger cash returns and lower tail risk
Examples
Commerzbank exposure de-risked Further de-risking of other net exposures across asset classes
Reduction of direct and indirect banking exposures Liquidity monitoring and buffer enhancements Selected further reductions in holdings, especially non-domestic
Selective duration management measures Enhanced life product design and inforce management approach
Closure of life unit in Japan Enhanced P/C and AM growth initiatives Further reduce exposure to mis-priced markets
(e.g. high value of O&G, high NatCat exposures)
B. Group financial results 2011 – Highlights
B 10
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Additional information – 4Q results8
Summary6
L/H4Asset Management5
Additional information7
P/C3Group2Highlights1
BGroup financial results 2011
B 11
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Total revenues1 (EUR bn)
1) For a description of total revenues and internal growth please refer to the glossaryAll segment figures are based on segment consolidated numbers; figures for the Group as a whole are based on fully consolidated numbers
2) Represents total revenues from Banking within Corporate and Other
L/H reflects margin focus and lower bancassurance sales
B. Group financial results 2011 – Group
20112010
97.4
42.5
50.8
3.7
106.5
2009
103.6
44.8
52.9
5.5
43.9
57.1
5.0
-2.7%
+14.6+10.3AM
-7.4
+2.0
-2.7
Totalgrowth
-6.9L/H
+2.3P/C
-2.1Group
Internal growth
2011(in %)
0.52 0.62 0.62
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Strong results despite NatCats and impairments
Asset Management Corporate and Other
2010 201120092010 20112009
Property/Casualty Life/Health
4,304 4,1964,0642,868 2,4202,670
2,2561,401
2,060
-942-1,028 -897
B. Group financial results 2011 – Group
-2.5% -15.6% Group2010
L/H
AM
CO
Consolidation
Group2011
8,243
-108
+196
-448
-62
+45
P/C
7,866
-4.6%
Operating profit (EUR mn)
2010 201120092010 20112009
+9.5% +4.8%
B 13
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Non-operating items (EUR mn)
1) On-balance sheet unrealized gains and losses, after taxes, non-controlling interests and policyholder participation before shadow DAC
-122-449-327-125Thereof: Amortization of intangible assets
-386-443-57148Income from fin. assetsand liab. carried at FV
-1,950-3,020-1,070-1,854Non-operating items
+43-28-71-774Reclassification of tax benefits
-508-892-38423Other non-operating
+231-209-440-406Acquisition-related expenses
+96-167-263-183Restructuring charges
+67-35-102-232Fully consolidatedprivate equity inv. (net)
-84-973-889-905Interest expensefrom external debt
-1,795-7161,079623Realized gains/losses and impairments of investments (net)
Δ 11/10201120102009
-7161,079Total
-1,931 -1,240
-646 -45
-460 -303 -96 -61
Impairments (net)- Equities- Debt securities- Real estate and other
1,215607416192
1,539 1,342
87 110
Realized gains/losses- Equities- Debt securities- Real estate and other
20112010
B. Group financial results 2011 – Group
4.0bn2.6bnBalance of unrealizedgains/losses in fixed income1
2.2bn3.3bnBalance of unrealizedgains/losses in equities1
31.12.1131.12.10
B 14
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Exposure to selected sovereigns
Total fixed income portfolio
Selected sovereign
bonds
EUR 416.5bn1
Greece 0.1%
B. Group financial results 2011 – Group
EUR 32.3bn
7.8%
1.2%
6.3%
Ireland 0.1%Portugal 0.1%
Spain
Italy
-7-900Greece4
-2,379
-1,980
-399
-126
-236
-28
gross
31.01.20123
-489
-330
-159
-24
-121
-7
netnet2gross
-573-3,221Italy
-745-3,713Total
-55-237Spain
-172
-103
-14
-492Sub-total
-205Portugal
-50Ireland
31.12.2011
1) As of 31.12.2011; portfolio discussion is based on consolidated insurance portfolios (P/C, L/H, Corporate and Other, does not include Banking operations)2) After policyholder participation and taxes; based on 31.12.2011 balance sheet figures reflected in accumulated other comprehensive income3) Estimated update on 31.01.2012 is based on portfolio as of 31.12.20114) After impairments
Percent of total fixed income portfolio Unrealized gains/losses(EUR mn)
B 15
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Net income development (EUR mn)
42%27%10%Effective tax rate
+10325915648Non-controlling interests
-2,5082,5455,0534,207Net income attributable to shareholders
-2,4052,8045,2094,650Net income from continuing operations
-2,4052,8045,2094,255Net income
000-395Discontinued operations
-78-2,042-1,964-540Income taxes
-2,3274,8467,1735,190Income before taxes
-1,950-3,020-1,070-1,854Non-operating items
-3777,8668,2437,044Operating profit
Δ 11/10201120102009
B. Group financial results 2011 – Group
B 16
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Additional information – 4Q results8
Summary6
L/H4Asset Management5
Additional information7
P/C3Group2Highlights1
BGroup financial results 2011
B 17
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Strong performance despite NatCat claimsat all time high
Primary insurance portfolio with growth from both prices andvolumes of 4 percent, reinsurance down by 15 percent,overall portfolio growth at 2 percent
B. Group financial results 2011 – P/C
Operating profit at EUR 4.2bn. Continued positive development in underlying accident year losses, despite weaknesses in Germany and the US
NatCat claims at all time high of EUR 1.8bn and4.4 combined ratio points
Improved operating investment result benefitsfrom growing asset base
B 18
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Revenues (EUR bn)
Revenues at EUR 44.8bn, up 2 percent
2009
44.8
2010 2011
42.5 43.9
+2.0%
-0.9% +0.0% +2.3%P/C segment
3,521
472
2,615
1,607
1,672
1,783
4,256
3,719
1,151
2,101
4,190
3,368
1,309
9,235
2009
+9.8%3,4153,350USA
-15.1%3,4094,014Reinsurance
+6.2%4,9184,530AGCS
+10.9%486486Asia-Pacific
+8.1%2,5082,161Australia
+0.1%3,9903,986Italy
+0.3%2,0112,011Spain
+19.8%1,8461,563South America
+10.1%2,1111,939UK
+7.6%1,9021,767Credit Insurance
-1.2%2,5632,629CEE
+0.4%3,3133,300France
+0.2%1,4361,389Switzerland
+0.1%8,9799,013Germany
Δ11/10120112010Revenues of sel. OEs2
(EUR mn)
Ger
man
Spea
king
C
ount
ries
Gro
wth
M
arke
tsG
loba
l Ins
uran
ce L
ines
&
Ang
lo M
arke
tsEu
rope
incl
. So
uth
Am
eric
aN
AFTA
Mar
kets
B. Group financial results 2011 – P/C
1) Changes refer to internal growth (adjusted for F/X and consolidation effects)2) Remarks concerning the operating entities’ revenues can be found in the appendix
Primary insurance -1.2% -0.4% +3.9%
Reinsurance +9.7% +7.9% -15.1%
Internal growth1:
B 19
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Strong operating profit of EUR 4.2bn
Operating profit(EUR mn)
Operatingprofit2010
Under-writing
OtherInvest-ment
Operatingprofit2011Δ 2011/10
4,304
-298
+176 4,196+14
Operating profit drivers(EUR mn)
873,2189992010
1013,3947012011
B. Group financial results 2011 – P/C
2009
4,196
2010 2011
4,064 4,304
-2.5%
Impact from delta to NatCat budget
-0.7bn-0.3bn+0.6bn
B 20
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Resilient portfolio withstands NatCat losses
Loss ratio
Expense ratio
B. Group financial results 2011 – P/C
1) Without reinstatement premiums2) Without run-off
4.1%-p
4.2%-p
11.4%-p
27.0%-p
3.3%-p
3.9%-p
NatCat impact
in 20111
115.5
93.8
96.6
97.6
74.0
95.7
92.9
108.2
96.7
87.9
93.2
97.9
95.4
102.9
2011
102.499.8USA
93.292.3Reinsurance
93.187.4AGCS
102.092.9CEE
96.194.8Australia
99.6100.8Italy
90.389.7Spain
96.798.4South America
96.092.9UK
71.7110.4 Credit Insurance
93.1
106.8
93.5
98.7
2009
91.2Asia-Pacific
102.7France
94.6Switzerland
100.8Germany
2010Combined ratio (sel. OEs)
NAF
TAM
arke
tsG
row
th
Mar
kets
Glo
bal I
nsur
ance
Lin
es
& A
nglo
Mar
kets
Euro
pe in
cl.
Sout
h A
mer
ica
Ger
man
Spea
king
C
ount
ries
Combined ratio(in %)
(Thereof NatCat)2
20102009 2011
69.5
27.9
69.1 69.9
28.1 27.9
97.4 97.2 97.8
(4.4)(1.2) (3.2)
B 21
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NatCat loss development
B. Group financial results 2011 – P/C
2001199Storms US3
47-47Switzerland events
118
297
51
96
66
1,764
62
226
360
284
296
289
Total
846918Total
1844Others
108Australian events2
AZ ReOEs (net)
63
233
200
223
EQ Christchurch/NZL
Storms Germany1
Flood Thailand
EQ & Tsunami Japan
NatCat losses (EUR mn)
2009 20112010
447
1,264
1,764
Key events in 2011
1) Thunderstorms Balthazar, Gunnar, Leon, Meikel, Achim, Bert, Frank and windstorm Joachim2) Floods Queensland/Toowoomba/Victoria, Cyclone Yasi, Melbourne storms/floods, Australia hail3) Hurricane Irene, storm Lee, winterstorm Heartland, tornado series (Southern and Central US)
~1.0bn~1.0bn~1.1bnNatCat
budget
B 22
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Continued positive trend in underlying a.y. loss ratio(in %)
1) NatCat costs (without reinstatement premiums): EUR 0.4bn (2009), EUR 1.3bn (2010) and EUR 1.8bn (2011)2) Including large claims, reinsurance, Credit Insurance3) Positive values indicate positive run-off; run-off ratio is calculated as run-off result in percent of net premiums earned
Accident year loss ratio
Excl. NatCatTotal NatCat element1
2010 20112009
72.4
71.2 69.769.8
1.2 3.2
+1.1%-p
74.173.04.4
Development 12M 2011/2010
2010 Frequency/ severity2
2011Price NatCat
73.0+0.5
74.1
-0.6
+1.2
9-quarter overview accident year loss ratio
Run-off ratio3
B. Group financial results 2011 – P/C
73.4 (9Q-Ø)
Excluding NatCatIncluding NatCat
2010 20112009
4.03.5 3.6
5.15.04.2
3.44.6
3.9
70.0 70.1 69.971.5
70.269.1 69.9 69.6 69.2
75.974.1 74.3
71.572.8 72.1 71.071.3
77.2
2Q 3Q 4Q 4Q4Q 1Q 1Q 2Q 3Q
2010 201120092Q 3Q 4Q 4Q4Q 1Q 1Q 2Q 3Q
2.8 3.9 4.212M
B 23
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in % of NPE
Expense ratio stable(EUR mn)
Other acquisitionexpenses
Admin. expenses
Commissions
B. Group financial results 2011 – P/C
1) Allocation of expenses has been refined in 2010. Prior years have not been adjusted
2010 2011
11,044 11,115
20091
10,540
14.414.414.7
2,6546.7
2,616
7.0
1,731
8.6
5,7365,6965,554
27.928.127.9
4.6
6.7
6.82,7252,732
3,255
B 24
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Investment portfolio reaches EUR 96bn
Average asset base1,2
(EUR bn)Current yield (in %)
EquitiesDebt securities
Equities
Debt sec.
CashOther3
2010 20112009
1) Asset base includes health business France2) Asset base excludes fair value option and trading3) Real estate investments and funds held by others under reinsurance contracts assumed4) Cash restated due to cash pool merger in France (2009: EUR 1.5bn)
B. Group financial results 2011 – P/C
2010 20112009
5.7
71.8
5.2
76.3
6.76.588.692.9
4.9
+3.7%
4.0
2.8
4.9
3.8
96.36.84.85.1
79.6
6.0
3.7
4.44
B 25
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-236
-87
3,717
-240
-130
3,588
-238Investment expenses3
-153Net harvesting and other2
3,508Interest & similar income1
Operating investment income (EUR mn)
in % of NPE
1) Net of interest expenses 2) Comprises realized gains/losses, impairments (net), fair value option, trading and F/X gains and losses and policyholder participation
Thereof related to UBR: 2011: EUR -92mn, 2010: EUR -38mn, 2009: EUR -74mn3) Comprises management expenses and expenses from real estate
+3.6%
Further increase of operating investment income
B. Group financial results 2011 – P/C
2009 2010 2011
3,117 3,218
+5.5%
8.58.28.2
3,394
B 26
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Motor retail rates stabilizing Competitive pressure in non-motor retail continues First signs of hardening in commercial lines
+ 3.9+ 2.0USA
Retail rates stabilizing in most markets, with first indications of hardening rates in commercial lines
Motor market largely stable Strong price increases in non-motor driven by NatCat
Hardening of motor market flattening out Competitive pressure in non-motor retail continues First signs of stabilization/hardening in commercial lines
Market remains soft in all lines with no improvement in sight
Market prices increasing in retail lines, esp. non-motor Strong competition from banks, mutuals and aggregators
continuing, disciplining effect of financial crisis expected First signs of hardening commercial lines
Price increases in motor flattening out Aggressive competition in non-motor continuing
Motor retail prices seem to have reached bottom Non-motor market (retail & commercial) remains soft
Motor retail prices in the market clearly picked up Soft market in commercial continuing
Expert assessment of the market and outlook 2012
+ 4.2+ 2.0Australia
+ 0.3+ 1.6Austria
+ 6.7+ 3.5France
0.0+ 2.4Spain
+ 4.7+ 3.0UK
+ 3.0+ 1.52011
+ 3.7
+0.3
Price impacton YTD
renewals1
+ 4.4Italy
+ 1.3Germany
Nominal tariff increase for 20112
Selected OEs
Positive price development in 2011G
erm
anS
peak
ing
Cou
ntrie
s
Ang
lo-B
roke
rM
arke
ts
Pricing overview for selected operating entities (in %)
Credit Insurance:average ratedecrease in 2011-4.9%
AGCS: rate changes different by country andline of business,on average -0.2%
NA
FTA
Eur
ope
incl
. S
outh
Am
eric
a
B. Group financial results 2011 – P/C
1) Total price impact on renewals including Credit Insurance (excluding Credit Insurance 12M 2011: +2.0%) Total includes also Ireland (+4.1%, for which no tariff increase is available)
2) Average tariff increase on new business, without discount change B 27
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Enhancing the P/C franchise
B. Group financial results 2011 – P/C
Key levers
Improve reinsuranceeffectiveness
Drive profitable growth
Accelerated pricingand cleaning actionsin soft markets
Enhance claims execution
Further enhance productivity, especially distribution andback offices
Examples
Review third-party business, esp. NatCat Optimize internal retentions and structures Group retro program: include top perils and add cover for selected tail risks
Global lines, esp. AGCS, Credit, Travel/Assistance, Global Automotive South America, Asia-Pacific Selective, bolt-on acquisitions in target markets
New business tariff increases of approximately 2.5% in 2012 Motor Germany: 4 - 5 percent effective increases for 2012 in-force book Commercial lines: Italy, France and especially USA
Germany: optimizing claims processes Italy: fraud, bodily injury France: processes and supply chain management Anti-fraud program
Agency productivity program and growth in Direct Restructuring USA Digitalization
B 28
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Additional information – 4Q results8
Summary6
L/H4Asset Management5
Additional information7
P/C3Group2Highlights1
BGroup financial results 2011
B 29
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Resilient performance in challenging environment
Positive net flows and growing asset base,supported by stable revenues from core productswith sound new business margins
Margin discipline and lower bancassurance salesreduce revenues by 7.4 percent
New business margin increased to 2.3 percent
B. Group financial results 2011 – L/H
Resilient operating profit of EUR 2.4bn despite significantimpairments, especially on financials and Greek sovereign bonds
MCEV at year-end reflecting high sensitivity to government spreads, volatilities and low rates
B 30
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+0.5%7,7868,1556,507USA
-1.8%15,67315,96115,049Germany Life
-22.6%6,9158,8418,664Italy
+7.9%1,5921,4751,188Benelux
+4.2%965926948Spain
-23.7%4,9706,4874,197Asia-Pacific
+6.1%1,1131,0571,032CEE
7,299
1,364
3,176
2009
-5.9%7,7058,014France
+3.3%1,7071,502Switzerland
-0.2%3,2043,209Germany Health
Δ11/10120112010Revenues of sel. OEs2
(EUR mn)Revenues(EUR bn)
Revenues reflect margin discipline andlower bancassurance sales
Investment-oriented products
IFRSpremiums
B. Group financial results 2011 – L/H
1) Changes refer to internal growth (adjusted for F/X and consolidation effects)2) Remarks concerning the operating entities’ revenues can be found in the appendix
2009 2010 2011
Internal growth1
+10.4% +9.6% -6.9%
-7.4%
32.4
24.7
57.1
28.3
22.5
50.8 52.9 Ger
man
Sp
eaki
ng
Cou
ntrie
s
Euro
pe in
cl.
Sout
h A
mer
ica
Gro
wth
M
arke
tsN
AFTA
Mar
kets
28.3
24.6
B 31
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1) Net of interest expenses2) Includes changes in other assets and liabilities of EUR 2.8bn
Net inflows
F/X effects
OABas of 31.12.2010
Market effects2
Operating asset base(EUR bn)
431.9
+2.9
+16.0
421.5
Interest & similar income1
-9.8
+1.3
Assets grow to EUR 432bn with positive net flows
+9.4
+0.8
+1.7
+2.5
+0.0
+1.1
+0.4
+0.4
+2.5
2010
+0.5Other
+1.3Total
-0.4Asia-Pacific
+2.2USA
+0.0CEE
-1.2Italy
-0.7France
+0.4Germany Health
+0.5Germany Life
2011Net flows (EUR bn)
B. Group financial results 2011 – L/H
OABas of 31.12.2011
B 32
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New business margin improves to 2.3 percent
New business margin1,2
(VNB in % of PV of NB premiums)
PV of NB premiums1,2
(EUR bn)
Value of new business1,2
(EUR mn)
B. Group financial results 2011 – L/H
2.3
2009 2010 2011
1.72.2
40.944.236.4
2009 2010 2011
940
613
2009 2010 2011
993
1) After non-controlling interests, including holding expenses and internal reinsurance. VNB and NBM include illiquidity premium, EIOPA yield curve extrapolation and updated cost of capital charge for 2010 and 2011. All values using F/X rates as of each valuation date
2) Sum of quarters, based on beginning of quarter economic assumptions B 33
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Operating profit solid despite high impairments
1) For a description of the Life/Health operating profit drivers please refer to the glossary
Operatingprofit2010
Investm.result
Techn.result
Expenseresult
Operatingprofit2011
-252,1427512010
-781,6698292011
Operating profit(EUR mn)
Operating profit drivers1
(EUR mn)
Δ 2011/10
B. Group financial results 2011 – L/H
-15.6%
2009
2,420
2010 2011
2,670 2,868 2,868
-473 -532,420
+78
B 34
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Average asset base increases by 7.1 percent
Average asset base (EUR bn)1
Current yield (in %)
2010 20112009
+7.1% EquitiesDebt securities
EquitiesDebt sec.
CashOther2
1) Asset base excludes unit linked, FVO and trading. Operating asset base includes FVO, trading, unit linked (excludes derivatives MVLO)2) Real estate investments and funds held by others under reinsurance contracts assumed3) Cash restated due to cash pool merger in France (2009: EUR 1.5bn)
21.6
263.9
22.6
296.5
7.8
8.4
300.3
334.2
6.7
2010 20112009
4.7
3.03.2
4.5 4.44.1
23.2
318.9
9.0357.8
6.7
7.03
B. Group financial results 2011 – L/H
B 35
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Markets weigh on operating investment income
Operating investment income (EUR mn)
1) Net of interest expenses2) Comprises management expenses and expenses from real estate3) Comprises fair value option, trading and F/X gains and losses
2009 2010 2011
13,95015,988 14,892
-6.9%
-3621,710728Net harvesting and other
-745-704-622Investment expenses2
-1,684-434-1,663Impairments (net)
2,1882,1251,755Realized gains/losses (net)
-86619636Income from fin. assets and liab. carried at FV3
15,99914,98213,844Interest & similar income1
+6.8%
B. Group financial results 2011 – L/H
B 36
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MCEV development(EUR mn, after non-controlling interests)
B. Group financial results 2011 – L/H
Free surplus
Required capital
VIF
26,422 +212 26,634+2,214 +816 +940
-8,662 -1,074
20,8682,628
11,021
12,773
2,645
11,158
12,831
-549
14,814
6,603
12M 2010MCEV
Adjustmentand F/X
12M 2010MCEV
adjusted
Inforcebusiness
contribution
Op. andnon-op.
variances &assumption
changes
VNBat pointof sale
Economicvariances
Netcapital
movement
12M 2011MCEV
Thereof VIFEUR -8.6bn
B 37
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Enhancing the L/H franchise
Key levers
Efficient management of in-force book
Protect and enhancenew business value
Protecting capital base via ALM effectiveness
Examples
Dynamic crediting rate adjustments Maintain flat admin. expense base despite growing AuM Management of lapse movements and liquidity
Proactive and prompt re-pricing of products to enhance risk result Focus on recurring premiums and underwriting profits Incentivize sales based more on net inflows Exit unprofitable lines Recycling of AM benefits into Life products
Optimize duration management De-risk equity exposure Focus sovereign risk in domestic units
B. Group financial results 2011 – L/H
B 38
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Additional information – 4Q results8
Summary6
L/H4Asset Management5
Additional information7
P/C3Group2Highlights1
BGroup financial results 2011
B 39
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Another excellent year, despite headwinds
B. Group financial results 2011 – AM
Continued organic growth of Assets under Management in 2011of 9.2% to EUR 1.7 trillion, despite challenging capital marketsand more volatile net flows
Operating profit at EUR 2.3bn and net income of EUR 1.3bn reach new records, reinforcing Asset Management’s contribution to Allianz’ earnings power
Outstanding investment outperformance at 3-year level of 90 percent of AuM, and cost-income ratio of 59 percent
B 40
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Assets under Management(EUR bn)
Total managed assets increase to EUR 1.7 trillion
3rd party AuM
Allianz Group assets
B. Group financial results 2011 – AM
Internal growth:+6.3%
1,6571,518
31.12.1131.12.09
1,2811,164
376354
+9.2%
1,202
926
276
31.12.10
B 41
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3rd party net inflows of EUR 39bn
AGI1 3rd party net flow development (EUR bn)
Net flowsin % of 3rdparty AuM bop
B. Group financial results 2011 – AM
20112004
3.46.0
-0.3
12.0 5.2 0.0
82.8
2005 2006 2007 2008 2009
39.331.3
65.8
37.1
11.4
1.6 12.3
2010
12.5
112.7
1) Since January 2012: AAM (Allianz Asset Management) B 42
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1) Excluding performance fees, 12-months rolling2) Net fee and commission income includes F/X effect of EUR -215mn
Net fee and commission income up 11 percent(EUR mn)
3rd party AuM driven margin1 (in bps)
Performance fees
Other net fee and commission income
B. Group financial results 2011 – AM
3,590
+11.0%
37.3 39.4 41.1
4,927
3,169
421
4,413
514
20112009 2010
5,4702
5,015
455
Internal growth:+15.3%
B 43
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Operatingprofit2010
Net fee &comm. inc.
Operat.expenses
Operatingprofit2011
Operating profit grows to EUR 2.3bn
Otherincome
Δ 2011/10
+5432,256-27
-320
1) Net fee and commission income includes F/X effect of EUR -215mn; operating expenses include F/X effect of EUR +121mn
-2,926594,9272010
-3,2461325,47012011
Operating profit(EUR mn)
Operating profit drivers(EUR mn)
B. Group financial results 2011 – AM
2,060
F/X-adjusted growth:+14.0%
2009 2010 2011
2,2562,060
+9.5%
Cost-income ratio (in %) 59.058.762.0
1,401
B 44
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Net inflows driven by retail and institutional clients
In 4Q 11 3rd party fixed income net outflows of EUR -5.5bn in difficult capital markets
Internal growth of 3rd party AuM amounts to 9.5%
Average fixed income 3rd party AuM increased by 10% vs. 2010
Strong performance fees in 2011 (EUR 356mn), but slightly below previous year
Ongoing investments in infrastructure and new businesses
CIR remains at excellent level
Strong performance of fixed income
Fixed income3rd party AuM 3-year-outperformance Operating profit
B. Group financial results 2011 – AM
Outstanding investment performance vs. benchmark
(EUR bn) (Outperforming AuM in %) (EUR mn)
Net flows(YTD)
Cost-income ratio (in %)
31.12.1131.12.1031.12.09
1,002785
1,134
+13.2%
+91.0 +113.7 +44.8
31.12.1131.12.1031.12.09
9083 93
201120102009
1,7351,186
2,034
+17.2%
49.9 48.7 51.0
B 45
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Stable profitability in challenging environment
3rd party AuM 3-year-outperformance Operating profit
Driven by average AuM In 4Q 11 EUR +0.3bn equitynet inflows
3rd party AuM burdened by negative market effect of EUR -11bn in 2011 along with volatile equity markets
Average 3rd party equity AuM up by 2% compared to 2010
B. Group financial results 2011 – AM
Improved investment performance of 65%
(EUR mn)(EUR bn) (Outperforming AuM in %)
Cost-income ratio (in %)Net flows
(YTD)
31.12.1131.12.1031.12.09
161140 146
-7.5 -0.4 -5.1
-9.4%
31.12.1131.12.1031.12.09
656363
201120102009
126
14
127
74.274.196.2
+0.8%
Equity
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Strong growth in net income contribution
Net income (EUR mn)
1) From continuing operations
11.7 18.2 46.8
543
1,312
20112009
+38.7%
946
2010in % ofGroup net income1
B. Group financial results 2011 – AM
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Fortify foundations for continued success
Key levers
Expense management
Investment performance
PIMCO as a global providerof investment solutions
Allianz Global Investorsas one global firm
Examples
Strict cost containment to assure best-in-class cost-income ratios
Positioned investment portfolios to cope with low yield environment and market uncertainty
Aligned distribution globally to facilitate continued asset diversification, leveraging the entire value chain
Aligned structure under one global managementto assure sustainable growth and efficiency
B. Group financial results 2011 – AM
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Additional information – 4Q results8
Summary6
L/H4Asset Management5
Additional information7
P/C3Group2Highlights1
BGroup financial results 2011
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Proposed dividendat EUR 4.50
Payout at81 percent ofIFRS net income
Summary
Sovereign debt and banking crisis
Record low interest rates and high market volatility
NatCat lossesnear all time high for insurance industry
2011 with seriousshocks for the industry
Allianz withresilient performance
Strong profit distribution
Profitable growth focus
Resilient operatingearnings power
Strong capital position
B. Group financial results 2011 – Summary
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Additional information – 4Q results8
Summary6
L/H4Asset Management5
Additional information7
P/C3Group2Highlights1
BGroup financial results 2011
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Result by segments overview(EUR mn)
B. Group financial results 2011 – Additional information on Group
12M 2010 12M 2011 12M 2010 12M 2011 12M 2010 12M 2011 12M 2010 12M 2011 12M 2010 12M 2011 12M 2010 12M 2011Total revenues (EUR bn) 43.9 44.8 57.1 52.9 5.0 5.5 0.6 0.6 -0.1 -0.2 106.5 103.6
Operating profit 4,304 4,196 2,868 2,420 2,060 2,256 -942 -897 -47 -109 8,243 7,866Non-operating items 16 -179 -85 -488 -455 -257 -718 -2,158 172 62 -1,070 -3,020
Income b/ tax 4,320 4,017 2,783 1,932 1,605 1,999 -1,660 -3,055 125 -47 7,173 4,846Income taxes -1,216 -1,205 -934 -734 -659 -687 775 554 70 30 -1,964 -2,042
Net income from continuing operations 3,104 2,812 1,849 1,198 946 1,312 -885 -2,501 195 -17 5,209 2,804Net income from discontinued operations 0 0 0 0 0 0 0 0 0 0 0 0
Net income 3,104 2,812 1,849 1,198 946 1,312 -885 -2,501 195 -17 5,209 2,804Net income attributable to:
Non-controlling interests 161 174 72 74 0 18 -77 -7 0 0 156 259
Shareholders 2,943 2,638 1,777 1,124 946 1,294 -808 -2,494 195 -17 5,053 2,545
Consolidation TotalP/C L/H AM CO
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Key figures(EUR mn)
1) Group own assets including financial assets carried at fair value through income, and cash and cash pool assets net of liabilities from securities lending and derivatives
B. Group financial results 2011 – Additional information on Group
Delta4Q 11/10
Total revenues (EUR bn) 25.5 30.6 25.4 24.5 26.0 29.9 24.6 24.1 25.0 -1.0 97.4 106.5 103.6
Operating profit 1,960 1,732 2,302 2,055 2,154 1,660 2,300 1,906 2,000 -154 7,044 8,243 7,866Non-operating items -1,336 259 -597 -123 -609 -174 -686 -1,262 -898 -289 -1,854 -1,070 -3,020
Income b/ tax 624 1,991 1,705 1,932 1,545 1,486 1,614 644 1,102 -443 5,190 7,173 4,846
Income taxes 409 -388 -548 -664 -364 -571 -543 -386 -542 -178 -540 -1,964 -2,042
Net inc. from cont. ops. 1,033 1,603 1,157 1,268 1,181 915 1,071 258 560 -621 4,650 5,209 2,804Net inc. from discont. ops. 0 0 0 0 0 0 0 0 0 +0 -395 0 0
Net income 1,033 1,603 1,157 1,268 1,181 915 1,071 258 560 -621 4,255 5,209 2,804
Net income attributable to:
Non-controlling interests 14 38 68 4 46 58 71 62 68 +22 48 156 259
Shareholders 1,019 1,565 1,089 1,264 1,135 857 1,000 196 492 -643 4,207 5,053 2,545
Group financial assets1 (EUR bn) 438.8 456.4 467.8 471.4 470.3 470.4 473.4 480.6 485.6 +15.3 438.8 470.3 485.6
4Q 2011
12M 2009
12M 2010
12M 2011
4Q 2009
1Q 2010
2Q 2010
3Q 2010
4Q 2010
1Q 2011
2Q 2011
3Q 2011
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Key figures(EUR mn)
1) Segment own assets (incl. financial assets carried at fair value through income).Including cash and cash pool assets net of liabilities from securities lending and derivatives
B. Group financial results 2011 – Additional information on P/C
Delta4Q 11/10
Gross premiums written (EUR bn) 8.9 14.0 10.0 10.6 9.4 14.3 10.2 10.8 9.5 +0.1 42.5 43.9 44.8
Operating profit 1,169 712 1,147 1,122 1,323 663 1,329 1,111 1,093 -230 4,064 4,304 4,196Non-operating items 32 149 -7 113 -239 173 -9 -300 -43 +196 78 16 -179
Income b/ tax 1,201 861 1,140 1,235 1,084 836 1,320 811 1,050 -34 4,142 4,320 4,017
Income taxes -404 -270 -303 -363 -280 -279 -368 -298 -260 +20 -1,363 -1,216 -1,205
Net income 797 591 837 872 804 557 952 513 790 -14 2,779 3,104 2,812Net income attributable to:
Non-controlling interests 17 31 51 51 28 38 60 38 38 +10 55 161 174
Shareholders 780 560 786 821 776 519 892 475 752 -24 2,724 2,943 2,638
Combined ratio (in %) 95.3 100.4 96.3 97.1 94.9 101.3 95.0 97.6 97.6 +2.7%-p 97.4 97.2 97.8
Segment financial assets1 (EUR bn) 92.2 96.5 96.7 96.3 97.3 99.0 98.5 100.3 98.3 +1.0 92.2 97.3 98.3
12M 2011
3Q 2011
4Q 2011
12M 2009
12M 2010
4Q 2010
1Q 2011
2Q 2011
4Q 2009
1Q 2010
2Q 2010
3Q 2010
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Remarks concerning the operating entities’ revenues
Germany Transfer of China Branch to Asia-Pacific (impact 2010: EUR 39mn)
In 2009, US marine business portfolios, in 2010 Japan business, Spain industrialcommercial business and in 2011 Hongkong/Singapore business were transferredto AGCS (impact 2009: EUR 238mn, 2010: EUR 68mn, 2011: EUR 33mn)
Industrial commercial business transferred to AGCS in 2010 (impact 2009: EUR 131mn, 2010: EUR 6mn)
A large proportion of reinsurance is from internal business
Spain
Reinsurance
AGCS
In 2010, Japan business transferred to AGCS, in 2011 Hongkong/Singapore business transferred to AGCS and China Branch transferred from AZ Sach (impact 2009: EUR 144mn, 2010: EUR 47mn)
Asia-Pacific
In 2009, marine business transfer to AGCS (impact 2009: EUR 42mn, 2010: EUR 39mn)
USA
B. Group financial results 2011 – Additional information on P/C
Switzerland Sale of Phénix and Alba (impact 2009: EUR 114mn, 2010: EUR 121mn)
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-55
-39
911
-64
-4
957
-61
-27
953
-56
-17
896
-71
-76
906
-60-54-55-55Investment expenses
14-43-25-110Net harvesting and other2
887941854858Interest & similar income1
Operating investment income (EUR mn)
817693
774
8.17.4 8.2 8.7in % of NPE
844 841
8.2 7.6
1) Net of interest expenses 2) Comprises real. gains/losses, impairments (net), fair value option, trading and F/X gains and losses and policyholder participation.
Thereof related to UBR: 4Q 2011: EUR -31mn, 4Q 2010: EUR -41mn, 4Q 2009: EUR -44mn
759
8.5
823
8.8
+7.6%
+0.6%
865
8.6
Operating investment income remains on a high level
20112010
4Q 4Q
2009
4Q 1Q 2Q 3Q 1Q 2Q 3Q
889
B. Group financial results 2011 – Additional information on P/C
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Key figures(EUR mn)
1) Margin on reserves = IFRS operating profit (annualized) divided by average IFRS net reserves2) Segment own assets (incl. financial assets carried at fair value through income). Including cash and cash pool assets net of liabilities from securities lending and derivatives3) Grossed up for insurance liabilities which are netted within the trading book (market value liability option).
Including cash and cash pool assets net of liabilities from securities lending and derivatives
B. Group financial results 2011 – Additional information on L/H
Delta4Q 11/10
Statutory premiums (EUR bn) 15.2 15.4 14.1 12.6 15.1 14.3 13.0 11.8 13.8 -1.3 50.8 57.1 52.9
Operating profit 469 835 824 655 554 702 679 520 519 -35 2,670 2,868 2,420Non-operating items -23 -35 23 -4 -69 -4 -329 -88 -67 +2 -57 -85 -488
Income b/ tax 446 800 847 651 485 698 350 432 452 -33 2,613 2,783 1,932
Income taxes -71 -224 -287 -206 -217 -216 -136 -197 -185 +32 -656 -934 -734
Net income 375 576 560 445 268 482 214 235 267 -1 1,957 1,849 1,198Net income attributable to:
Non-controlling interests 16 21 19 9 23 21 11 21 21 -2 48 72 74
Shareholders 359 555 541 436 245 461 203 214 246 +1 1,909 1,777 1,124
Margin on reserves1 (in bps) 51.0 87.0 83.0 65.0 54.0 69.0 66.0 50.0 50.0 -4.0 74.0 73.0 58.0
Segment financial assets2 (EUR bn) 324.2 339.1 349.3 352.9 352.8 350.5 354.4 362.0 364.9 +12.1 324.2 352.8 364.9
Unit-linked investments (EUR bn) 57.0 60.1 61.0 61.7 64.8 64.8 64.8 61.2 63.5 -1.3 57.0 64.8 63.5
Operating asset base3 (EUR bn) 384.5 402.9 413.7 417.9 421.5 419.1 423.0 426.7 431.9 +10.4 384.5 421.5 431.9
12M 2011
3Q 2011
4Q 2011
12M 2009
12M 2010
4Q 2010
1Q 2011
2Q 2011
4Q 2009
1Q 2010
2Q 2010
3Q 2010
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Remarks concerning the operating entities’ revenues
Switzerland Sale of Phénix Vie (impact 2009: EUR 31mn, 2010: EUR 30mn)
Italy
B. Group financial results 2011 – Additional information on L/H
France Business written by Allianz Global Life (AGL) in France was transferred fromAGL to Allianz France in 1Q 2011 (impact 2010: EUR 176mn)
Business written by Allianz Global Life (AGL) in Italy was transferred fromAGL to Allianz Italy in 1Q 2011 (impact 2010: EUR 90mn)
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+0.7%
-174
17
3,991
-181
374
3,431
-145
645
3,522
-184
273
3,974
-160
619
3,636
-215
173
3,850
-178
494
3,807
-183
-159
4,176
-210Investment expenses
-714Net harvesting and other2
4,025Interest & similar income1
Impairments weigh on operating investment income
Operating investment income (EUR mn)
1) Net of interest expenses2) Comprises realized gains/losses, impairments (net), fair value option, trading and F/X gains and losses
3.8343,6244,022 4,063 3,808
+3.7%
4,095
-269+230-499Income from fin. assets and liab. carried at FV +545-243+788Realized gains/losses (net)-259-143-116Impairments (net)
4Q 11 Δ4Q 10
4,123 3,834
20112010
4Q 4Q
2009
4Q 1Q 2Q 3Q 1Q 2Q 3Q
3,101
B. Group financial results 2011 – Additional information on L/H
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Operating investment income – details(EUR mn)
1) Net of interest expenses
B. Group financial results 2011 – Additional information on L/H
Interest & similar income1 3,431 3,522 3,974 3,636 3,850 3,807 4,176 4,025 3,991
Investment expenses -181 -145 -184 -160 -215 -178 -183 -210 -174
Net harvesting and other 374 645 273 619 173 494 -159 -714 17
Realized gains/losses 401 538 212 587 788 718 335 590 545
Impairments (net) -88 -39 -184 -95 -116 -62 -384 -979 -259
Fair value option 83 241 91 184 65 60 31 -197 22
Trading -122 -420 -300 493 -773 236 20 -370 -592
F/X result 100 325 454 -550 209 -458 -161 242 301
Operating investment income 3,624 4,022 4,063 4,095 3,808 4,123 3,834 3,101 3,834
4Q 2011
4Q 2010
1Q 2011
2Q 2011
3Q 2011
4Q 2009
1Q 2010
2Q 2010
3Q 2010
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Stable new business margin
1) After non-controlling interests, including holding expenses and internal reinsurance. VNB and NBM include illiquidity premium, EIOPA yield curve extrapolation and updated cost of capital charge for all periods. All values using F/X rates as of each valuation date
2) Based on beginning of quarter economic assumptions. 1Q, 2Q and 3Q 2011 have been restated to include Mexico
New business margin1,2
(VNB in % of PV of NB premiums)
PV of NB premiums1,2
(EUR bn)
Value of new business1,2
(EUR mn)
1.92.52.3
1.8
2.7
4Q 1Q 2Q 3Q
2010
4Q
2011
4Q 1Q 2Q 3Q
2010
4Q
2011
11.79.6
10.812.2
8.8
4Q 1Q 2Q 3Q
2010
4Q
2011
219244243
217235
B. Group financial results 2011 – Additional information on L/H
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New business development1 2011
1) After non-controlling interests. Includes holding expenses and internal reinsurance2) 1Q, 2Q and 3Q 2011 have been restated to include Mexico
Both margin and spread came down significantly in 4Q, while premium persistency increased due to a higher share of recurring premium production, especially in Germany.
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Recurring premium %
New business spread2
(VNB over PV reserves, in bps)
Average premium persistency(PV of reserves / PV of NB premiums, in years)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2,5 2,6 2,2 1,82,3 2,5 2,7
1,9
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
New business margin2
(VNB in % of PV of NB premiums)
30
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q2010 2011
2010 2011
2010 2011 2010 2011
2925
1824
29 29
17
8.3 8.7 8.9 9.9 9.2 8.7 9.311.2
6.3 6.1 6.7 7.0 7.66.5
7.69.1
2.5 2.62.2
1.82.3 2.5 2.7
1.9
B. Group financial results 2011 – Additional information on L/H
4Q4Q
4Q4Q
4Q4Q 4Q4Q
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New business1
(EUR mn)
1) After non-controlling interests, including holding expenses and internal reinsurance. VNB and NBM include illiquidity premium, EIOPA yield curve extrapolation and updated cost of capital charge for all periods. All values using F/X rates as of valuation date
2) Internal growth (adjusted for F/X and consolidation effects)3) The single premium for Germany Life does not include Parkdepot business (12M 2010: EUR 1,155mn, 12M 2011 EUR 1,210mn) 4) Total includes holding expenses and internal reinsurance. Mexico included in 2011
B. Group financial results 2011 – Additional information on L/H
Region 12M 2010
12M 2011
12M 2010
12M 2011
12M 2010
12M 2011 Δ %2 12M
201012M 2011
12M 2010
12M 2011
German Speaking Countries 403 424 2.8% 2.9% 14,188 14,731 +3.1% 700 813 5,856 5,410
Germany Life 3 362 378 3.0% 3.1% 11,997 12,292 +2.4% 560 657 5,372 4,875
Europe 316 232 2.2% 1.9% 14,159 12,054 -14.9% 493 474 10,493 8,767
France 107 72 1.7% 1.3% 6,266 5,343 -14.7% 167 140 4,636 3,975
Italy 142 97 2.4% 2.1% 5,925 4,670 -21.2% 178 207 4,886 3,671
Growth Market 192 182 2.4% 2.9% 7,859 6,193 -21.3% 794 764 4,636 3,322
Asia-Pacific 126 113 1.9% 2.4% 6,452 4,752 -26.8% 675 611 3,861 2,606
CEEMA 60 64 5.3% 5.4% 1,142 1,187 +6.5% 119 152 510 462
USA 158 175 2.0% 2.3% 7,991 7,748 +0.6% 22 28 7,793 7,508
Total4 993 940 2.2% 2.3% 44,198 40,884 -7.1% 2,010 2,097 28,777 25,074
Single premium
Value of new business
New business margin
Recurring premium
Present value ofnew business premium
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New business1 quarterly values(EUR mn)
VNB NBM VNB NBM VNB NBM VNB NBM VNB NBM
German Speaking Countries 86 2.2% 96 3.4% 109 3.9% 133 2.6% 424 2.9%
thereof: Germany Life 69 2.3% 86 3.6% 99 4.2% 125 2.7% 378 3.1%
Europe 68 2.1% 66 2.2% 56 2.2% 42 1.3% 232 1.9%
thereof: France 20 1.4% 18 1.4% 21 1.7% 13 0.9% 72 1.3%
thereof: Italy 31 2.3% 30 2.6% 20 2.1% 16 1.3% 97 2.1%
Growth Markets 47 2.7% 49 3.0% 41 2.8% 44 3.2% 182 2.9%
thereof: Asia-Pacific 31 2.3% 31 2.5% 25 2.2% 27 2.6% 113 2.4%
thereof: CEEMA 15 4.5% 16 4.5% 15 6.2% 18 7.2% 64 5.4%
USA 55 3.0% 47 2.3% 43 2.2% 31 1.6% 175 2.3%
Total3 243 2.3% 244 2.5% 235 2.7% 219 1.9% 940 2.3%
3Q 2011 4Q 2011 12M 201121Q 2011 2Q 2011
B. Group financial results 2011 – Additional information on L/H
1) After non-controlling interests, adjusted for illiquidity premium, EIOPA yield curve extrapolation and change of cost of capital charge2) Sum of quarterly values 3) Total includes holding expenses and internal reinsurance. Mexico included from 1Q 2011 onwards. The 1Q, 2Q and 3Q 2011 have been restated to include Mexico B 64
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Embedded value overview(EUR mn)
1) After non-controlling interests, adjusted for illiquidity premium, EIOPA yield curve extrapolation and change of cost of capital charge 2) Total includes holding expenses, internal reinsurance and Mexico
VNB NBM increased slightly, VNB decreased by
EUR 53mn Positive business mix impact from Germany
Life and USA were offset by the negative impact from lower interest rates, higher volatility and decrease in volume from France and Italy
2011 2010
B. Group financial results 2011 – Additional information on L/H
MCEV
MCEV decreased by EUR 5.6bn to EUR 20.9bn after net capital movement of EUR -1.1bn Main drivers of the decrease were the economic
variances from lower interest rate, lower market value of equities and higher volatility
thereof: Italy
Growth Markets
thereof: Asia-Pacific
thereof: CEEMA
German Speaking Countries
thereof: Germany Life
Europe
thereof: France
Total2
USA
Embedded value1 NBM1VNB1
403424362378316
232107
72142
97192182126113
6064
158175993940
2.9%
3.1%
1.9%
1.3%
2.1%
2.9%
2.4%5.3%5.4%
2.3%
2.3%
11,3379,5167,9756,1329,2326,2714,6033,9032,7621,2621,8041,363
913453851837
4,4274,09326,42220,868
2.8%
3.0%
2.2%
1.7%
2.4%
2.4%
1.9%
2.0%
2.2%
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Embedded value1 sensitivity analysis (EUR mn)
1) After non-controlling interests, adjusted for illiquidity premium, EIOPA yield curve extrapolation and change of cost of capital charge2) The ultimate forward rate for yield curve extrapolation is unchanged for interest sensitivities3) Total includes holding expenses, internal reinsurance and Mexico
-100bp +100bp+25%
swaption+25% equity
deathrisk
longevity risk
German Speaking Countries 9,516 -550 -5,437 2,880 -1,356 -703 295 23 -322 -26thereof: Germany Life 6,132 -415 -4,998 2,369 -1,261 -637 242 16 -308 13
Europe 6,271 -352 -726 386 -314 -203 214 59 -84 77thereof: France 3,903 -212 -239 48 -118 -167 111 31 -54 48
thereof: Italy 1,262 -72 -191 145 -151 -8 39 5 -4 -18
Growth Markets 1,363 -33 -688 461 -82 -39 96 119 -28 39thereof: Asia-Pacific 453 -30 -646 437 -66 -37 67 105 -28 18
thereof: CEEMA 837 -3 -41 24 -16 -1 29 14 0 20
USA 4,093 -89 -521 242 -112 -304 94 8 -60 -103
Total3 20,868 -1,024 -7,378 3,974 -1,864 -1,248 703 213 -510 -3
Economic factors
Base case
-10% expense
-10% lapse
Non economic factors
-5% mortalityDrop in equity
value by 10%
risk free2
assumptionsvolatilities
B. Group financial results 2011 – Additional information on L/H
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Value of new business1 sensitivity analysis (EUR mn)
-100bp +100bp+25%
swaption+25% equity death risk
longevity risk
German Speaking Countries 273 -1 -499 184 -118 -62 40 4 -21 44thereof: Germany Life 242 0 -482 169 -115 -59 37 3 -21 42
Europe 160 -10 -33 13 -8 -1 11 5 0 12thereof: France 46 0 4 -3 1 0 1 1 0 0
thereof: Italy 78 -4 -8 4 -6 0 5 2 0 6
Growth Markets 158 -1 -6 -1 -2 0 14 8 -1 19thereof: Asia-Pacific 95 -1 -7 1 0 0 9 6 -1 14
thereof: CEEMA 60 0 1 -2 -2 0 5 2 0 6
USA -4 -26 -92 56 -10 -27 9 0 -4 -6
Total4 508 -37 -635 249 -137 -90 76 17 -24 71
-10% expense
-10% lapse
Base case2
-5% mortalityDrop in equity
value by 10%
risk free3
assumptionsvolatilities
Economic factors Non economic factors
B. Group financial results 2011 – Additional information on L/H
1) After non-controlling interests, adjusted for illiquidity premium, EIOPA yield curve extrapolation and change of cost of capital charge2) Sensitivity analysis for new business in 2011 is assessed relative to the VNB calculated using assumptions as of 31.12.113) The ultimate forward rate for yield curve extrapolation is unchanged for interest sensitivities 4) Total includes holding expenses, internal reinsurance and Mexico B 67
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Consistent economic assumptions are appliedfor MCEV across Allianz Group
Economic assumptions are based on observable market data as of 31.12.114
B. Group financial results 2011 – Additional information on L/H
Key parameters(in %) 2010 2011 2010 2011 2010 2011 2010 2011
Risk free rates(1 year zero-coupon rate based on swap rate)
1.1 1.4 0.5 0.9 0.2 0.3 2.4 3.4
Risk free rates (10 year zero-coupon rate based on swap rate)
3.4 2.4 3.6 2.1 2.2 1.3 4.5 3.8
Risk free rates (20 year zero-coupon rate based on swap rate) 3.9 2.7 4.4 2.6 2.6 1.7 4.8 4.3
100% illiquidity premium1 59 bps 118 bps 64 bps 103 bps 7 bps 24 bps 0 bps 0 bps
Swaption implied volatility2 18.2 28.6 16.3 28.4 31.0 45.3 12.8 13.8
Equity option implied volatility3
(10 year equity option at the money) 27.3 27.9 27.4 31.0 21.0 22.1 22.7 24.7
Equity option implied volatility - DAX(10 year equity option at the money)
26.4 27.1
Equity option implied volatility - CAC(10 year equity option at the money)
26.5 26.7
EUR USD CHF KRW
1) 75% of the base illiquidity premium is applied to our traditional participating and other businesses including US fixed and fixed index annuities. 0% illiquiditypremium is applied to unit-linked, including variable annuity business
2) For EUR and USD: option on 20 year swaps with 10 year-term at the money; for CHF and KRW: option on 10 year swaps with 10 year-term at the money3) The indexes for the equity options are for EUR: EuroStoxx, USD: S&P500, CHF: SPI and KRW: KOSPI4) Yield curve extrapolation in line with EIOPA methodology B 68
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MCEV development (1/2)(EUR mn, after non-controlling interests)
26,422 +212 26,634+2,214 +816 +940
-8,662-1,074
20,868
12M 2010MCEV
Adjustmentand F/X
12M 2010MCEV
adjusted
Inforcebusiness
contribution
Op. andnon-op.
variances &assumption
changes
VNBat pointof sale
Economicvariances
Netcapital
movement
12M 2011MCEV
1 2 3
4
B. Group financial results 2011 – Additional information on L/H
B 69
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MCEV development (2/2)(EUR mn, after non-controlling interests)
1) Includes EUR -933mn effect of increased spread on Italian government bonds in changes in interest rate2) Includes EUR -801mn effect of widening credit spreads in the US in changes in interest rate3) Total includes holding expenses, internal reinsurance and Mexico
B. Group financial results 2011 – Additional information on L/H
2,214 = 195741755523
816 = -98914
940 = -6131,553
Experience variances, other operating variances and assumption changes for lapse, renewal and expenses including model changes impacting VIF
New business cash strainValue of future new business profits
Variances from crediting, mortality and morbidity, and one-off cost on NAV
Projected unwinding of VIF at the risk free rateVIF increase from higher asset base due to expected over-return
Risk free return on Net Asset ValueExpected over-returns earned in the year on Net Asset Value, mainly from US spreads
1
2
3
4(EUR mn) German Sp.
Countries Europe1 Growth Markets USA2 Total3
Economic variances -3,200 -3,335 -567 -1,581 -8,662 Driven by changes in interest rate -1,641 -2,243 -478 -969 -5,311 Driven by changes in equity value -969 -768 -61 -251 -2,049 Driven by changes in volatilities -591 -323 -28 -361 -1,302
B 70
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Free surplus1 movement(EUR mn)
Cash earnings
Capital requirements
Net dividends
Change in capital due to market movement
Mark-to-market profits on NAV
Free surplus 31.12.11
2,628
1,131
-476
-1,074
-3,291
+516
-549
ΔCash earnings
Inforce cash earnings
New business cash strain
Capital requirements
New businesscapital strain
Inforce capital release
Free surplus before market movements 2,226
Free surplus 31.12.10
1) After non-controlling interests. Figures reported without rounding
Δ
Δ
Δ
Δ
1,744
-613
1,131
469
-945
-476
Currency and Group share effectsΔ 17
B. Group financial results 2011 – Additional information on L/H
Negative free surplusmostly due to EUR 3.3bnchange in capitalfrom market movements
B 71
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L/H: definition of regional splits for MCEV reporting
Europe
USA
Growth Markets
German SpeakingCountries
Holding adjustments
Allianz Leben AG, life subsidiaries are included at equity
Central and Eastern European life operations in Slovakia, Czech Republic, Poland,Hungary, Croatia, Bulgaria and Romania. North Africa life operations in EgyptConsolidated life operations in Asia-Pacific: Korea, Taiwan, Thailand, China,Indonesia, Malaysia and Japan, non-consolidated operation in India not included
Allianz Life USA
Italian and Irish life subsidiaries of Italy
Life operations in Spain, Belgium, Netherlands, Portugal, Greece and Turkey
Life operation in France including partnerships
Allianz Global Life
German Health business: “Allianz Private Krankenversicherungs AG”
Life operations in Switzerland and Austria
Holding adjustments contain holding expenses and internal life reinsurance.Also, Mexico is included in the holding adjustments for year 2011
B. Group financial results 2011 – Additional information on L/H
B 72
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Key figures(EUR mn)
1) 3rd party Assets under Management are end of period values
B. Group financial results 2011 – Additional information on AM
Delta4Q 11/10
Operating revenues 1,294 1,116 1,188 1,256 1,426 1,273 1,303 1,326 1,600 +174 3,689 4,986 5,502
Operating profit 576 466 516 521 557 528 528 537 663 +106 1,401 2,060 2,256Non-operating items -254 -207 -128 -60 -60 -99 -47 -54 -57 +3 -499 -455 -257
Income b/ tax 322 259 388 461 497 429 481 483 606 +109 902 1,605 1,999
Income taxes -128 -116 -158 -180 -205 -120 -192 -150 -225 -20 -359 -659 -687
Net income 194 143 230 281 292 309 289 333 381 +89 543 946 1,312Net income attributable to:
Non-controlling interests 2 -6 3 2 1 3 4 5 6 +5 5 0 18
Shareholders 192 149 227 279 291 306 285 328 375 +84 538 946 1,294
Cost-income ratio (in %) 55.5 58.2 56.6 58.5 60.9 58.5 59.5 59.5 58.6 -2.3%-p 62.0 58.7 59.0
3rd party AuM1 (EUR bn) 925.7 1,022.7 1,138.5 1,130.9 1,164.0 1,138.5 1,150.9 1,222.3 1,281.3 +117.3 925.7 1,164.0 1,281.3
4Q 2010
1Q 2011
2Q 2011
4Q 2009
1Q 2010
2Q 2010
3Q 2010
12M 2011
3Q 2011
4Q 2011
12M 2009
12M 2010
B 73
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3rd party AuM1
(EUR bn)
AuM client mix
Asia-Pacificand rest
United States4
1,164
Germany
Europeex Germany
AuM regional breakdown2
126
550
926
1,281
119
809
Other3
1,164
629
926 392
772 851
1,281
430
InstitutionalRetail
31.12.1131.12.09 31.12.10 31.12.1131.12.09 31.12.10
74
152
18127
200
24
AuM development
31.12.10
Net inflows
F/X effects
31.12.11
Consoeffects
Marketeffects
1,164
+38
1,281
+41
+6
Internal growth:+6.8%
117
176
723
130
26
B. Group financial results 2011 – Additional information on AM
297
1) Comprises 3rd party AuM managed by AGI and other Allianz Group companies2) Based on the origination of the assets by the asset management company3) Consists of 3rd party assets managed by other Allianz Group companies, no regional breakdown4) 3rd party AuM in US-Dollar: 789bn, 969bn and 1,051bn as of 31.12.09, 31.12.10 and 31.12.11, respectively
+32
B 74
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Key figures (EUR mn)
1) Risk weighted assets are end of period values. RWA based on Basel II approach
B. Group financial results 2011 – Additional information on Corporate and Other
Delta4Q 11/10
Total revenues (Banking) 157 128 138 146 175 151 137 129 150 -25 517 587 567
Operating profitHolding & Treasury -217 -226 -138 -237 -262 -221 -170 -234 -199 +63 -849 -863 -824
Banking -26 -23 -15 -24 -2 2 -24 -9 -37 -35 -165 -64 -68
Alternative Investments 7 -2 -2 -9 -2 -4 -11 9 1 +3 -13 -15 -5
Consolidation 0 0 0 0 0 0 0 1 -1 -1 -1 0 0Corporate andOther operating profit -236 -251 -155 -270 -266 -223 -205 -233 -236 +30 -1,028 -942 -897
Non-operating itemsHolding & Treasury -235 245 -466 -55 -120 -245 -287 -861 -608 -488 -390 -396 -2,001
Banking -78 6 -32 -8 -96 0 8 -3 -119 -23 -87 -130 -114
Alternative Investments -83 -70 -31 -222 -5 -37 -25 -30 -1 +4 -383 -328 -93
Consolidation 0 85 16 19 16 21 1 24 4 -12 185 136 50Corporate andOther non-operating items -396 266 -513 -266 -205 -261 -303 -870 -724 -519 -675 -718 -2,158
Income b/taxes -632 15 -668 -536 -471 -484 -508 -1,103 -960 -489 -1,703 -1,660 -3,055Income taxes 272 209 197 82 287 32 145 271 106 -181 1,063 775 554
Net inc. from cont. ops. -360 224 -471 -454 -184 -452 -363 -832 -854 -670 -640 -885 -2,501Net inc. from discont. ops. 0 0 0 0 0 0 0 0 0 +0 -395 0 0
Net income -360 224 -471 -454 -184 -452 -363 -832 -854 -670 -1,035 -885 -2,501Net income attributable to:
Non-controlling interests -21 -8 -5 -58 -6 -4 -4 -2 3 +9 -60 -77 -7
Shareholders -339 232 -466 -396 -178 -448 -359 -830 -857 -679 -975 -808 -2,494
Cost-income ratio Banking (in %) 105.0 107.8 103.7 104.1 92.6 88.2 93.4 96.9 85.4 -7.2%-p 122.5 101.4 90.7
RWA1 Banking (EUR bn) 9 9 9 9 9 9 9 9 9 +0 9 9 9
4Q 2009
1Q 2010
2Q 2011
2Q 2010
3Q 2010
4Q 2010
1Q 2011
12M 2011
3Q 2011
4Q 2011
12M 2009
12M 2010
B 75
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2009 2010 2011
Corporate and Other results improved
-1,028-942 -897
Operating loss(EUR mn)
Operating loss development(EUR mn)
+39 +10
-4+0
-942 -897
+4.8%
Operating result 2011
Altern. Invest-ments
Cons.Operatingresult2010
BankingHolding&
Treasury
Δ 2011/10
-15
-5
0-64-8632010
0-68-8242011
B. Group financial results 2011 – Additional information on Corporate and Other
B 76
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Holding & Treasury(EUR mn)
1) Including F/X derivatives hedging the foreign currency effects2) Movement in ‘other’ includes net fee result EUR -51mn, income from financial assets & liabilities carried at
fair value (excl. F/X result) EUR +4mn and EUR +1mn other income
Holding & Treasury operating loss drivers
-863
+28+51
+6
-46 -824
Operating loss2010
ExpensesF/X result1 Net interest
Other2 Operating loss 2011
-715
-664
-24-90-342010
-70-84-62011
B. Group financial results 2011 – Additional information on Corporate and Other
B 77
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Breakdown of profit consolidation(EUR mn)
Net income 2011
-47
-17
Intra-Groupdividends
Intra-Groupgains
Total consolidation
B. Group financial results 2011 – Additional information on Group
+30
L/H P/C
+18-35
= +
B 78
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Asset allocation(EUR bn)
B. Group financial results 2011 – Additional information on Group
31.12.10 31.12.11 31.12.10 31.12.11 31.12.10 31.12.11 31.12.10 31.12.11 31.12.10 31.12.11 31.12.10 31.12.11
Equities 2 5.4 4.9 24.4 22.1 0.1 0.0 3.3 1.9 0.0 0.0 33.2 28.9
Debt sec. 3 60.4 63.2 212.8 229.6 1.1 1.0 17.3 18.1 0.0 0.0 291.6 311.9
Cash and cash pool assets 4 5.3 4.2 7.4 6.0 1.0 1.6 1.6 2.3 -7.1 -5.7 8.2 8.4
Other 5 6.7 7.1 8.8 9.0 0.0 0.0 0.2 0.2 -5.9 -6.5 9.8 9.8
Sum 77.8 79.4 253.4 266.7 2.2 2.6 22.4 22.5 -13.0 -12.2 342.8 359.0
Loans and advances Debt sec.3 17.7 17.8 97.4 98.0 0.4 1.5 16.4 17.7 -9.2 -10.3 122.7 124.7
Investments & loans 95.5 97.2 350.8 364.7 2.6 4.1 38.8 40.2 -22.2 -22.5 465.5 483.7
1.5 0.9 5.5 4.3 0.7 0.7 0.1 0.1 0.0 0.0 7.8 6.0
0.3 0.2 -3.5 -4.1 0.0 0.0 0.2 -0.3 0.0 0.1 -3.0 -4.1
Group financial assets 97.3 98.3 352.8 364.9 3.3 4.8 39.1 40.0 -22.2 -22.4 470.3 485.6
4.6 4.0 23.2 20.8 0.1 0.0 2.8 1.4 0.0 0.0 30.7 26.2
0.8 0.9 1.2 1.3 0.0 0.0 0.5 0.5 0.0 0.0 2.5 2.7
5.4 4.9 24.4 22.1 0.1 0.0 3.3 1.9 0.0 0.0 33.2 28.9
10.3 9.1 1.6 1.4 0.0 0.0 69.2 73.4 -81.1 -83.9 0.0 0.0
105.8 106.3 352.4 366.1 2.6 4.1 108.0 113.6 -103.3 -106.4 465.5 483.7
2.4 2.2 6.1 6.2 0.0 0.0 0.2 0.2 0.0 0.0 8.7 8.6
4.3 4.9 2.7 2.8 0.0 0.0 0.0 0.0 -5.9 -6.5 1.1 1.2
6.7 7.1 8.8 9.0 0.0 0.0 0.2 0.2 -5.9 -6.5 9.8 9.8
P/C
Other
Funds under reins. contr. assumed
Real estate held for investment
Affiliated enterprises
Equities AFS
Equities associated ent. / joint ventures
Investments & loans incl. affiliated ent.
Balance sheet items
Investments
Equities
Financial assets and liabilities designatedat fair value6
Financial assets and liabilities held for trading6
Group1L/H AM Corporate and Other
Consolidation
1) Comprising assets and liabilities from continuing operations only2) Equities incl. associated enterprises/joint ventures, excl. affiliated enterprises3) Debt securities (EUR 311.9bn) and loans and advances (EUR 124.7bn) show
Group fixed income (EUR 436.6bn). Fixed income for insurance segments(P/C, L/H, CO and Other) amounts to EUR 416.5bn
4) Net of liabilities from securities lending5) Other incl. real estate held for investment and funds
held by others under reinsurance contracts assumed6) Net of liabilities
B 79
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Average AuM P/C and L/H:basis for yield calculation (EUR bn)
1) Equities including associated enterprises/joint ventures, excl. affiliated enterprises2) Net of liabilities from securities lending3) Other including real estate held for investment and funds held by others under reinsurance contracts assumed
B. Group financial results 2011 – Additional information on P/C and L/H
31.12.10 31.12.11 Average 31.12.10 31.12.11 Average
Equities 1 5.4 4.9 5.1 24.4 22.1 23.2
Debt sec. 60.4 63.2 61.8 212.8 229.6 221.2
Cash and cash pool assets 2 5.3 4.2 4.8 7.4 6.0 6.7
Other 3 6.7 7.1 6.8 8.8 9.0 9.0
Sum 77.8 79.4 78.5 253.4 266.7 260.1
Loans & advances Debt sec. 17.7 17.8 17.8 97.4 98.0 97.7
95.5 97.2 96.3 350.8 364.7 357.8
4.6 4.0 4.3 23.2 20.8 22.0
0.8 0.9 0.8 1.2 1.3 1.2
5.4 4.9 5.1 24.4 22.1 23.2
10.3 9.1 9.7 1.6 1.4 1.5
105.8 106.3 106.0 352.4 366.1 359.3
2.4 2.2 2.3 6.1 6.2 6.2
4.3 4.9 4.5 2.7 2.8 2.8
6.7 7.1 6.8 8.8 9.0 9.0
P/C L/H
Funds under reins. contr. assumed
Real estate
Affiliated ent.
Equities AFS
Equities assoc. ent. / joint ven.
Investments & loans incl. aff. ent.
InvestmentsBalance sheet items
Other
Equities
Investments & loans
B 80
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Investment result(EUR mn)
B. Group financial results 2011 – Additional information on Group
1) Comprising result from continuing operations only2) Net of interest expenses, excluding interest expenses from external debt3) Contains inc. from financial assets/ liabilities carried at fair value and oper. trading result excl. F/X result
12M 2010 12M 2011 12M 2010 12M 2011 12M 2010 12M 2011 12M 2010 12M 2011 12M 2010 12M 2011 12M 2010 12M 2011
Interest and similar income2 3,588 3,717 14,982 15,999 21 22 264 292 51 -46 18,906 19,984
Inc. fr. fin. assets and liab. carried at FV3 36 23 -419 -791 16 -6 27 -4 6 -4 -334 -782
Realized gains/losses (net) 42 21 2,125 2,188 0 0 0 0 2 11 2,169 2,220
Impairments of investments (net) -9 -46 -434 -1,684 0 0 0 0 59 0 -384 -1,730
F/X result -18 25 438 -75 3 -5 -68 -7 -2 0 353 -62
Investment expenses -240 -236 -704 -745 0 0 -97 -100 214 229 -827 -852
Subtotal 3,399 3,504 15,988 14,892 40 11 126 181 330 190 19,883 18,778
Inc. fr. fin. assets and liab. carried at FV -64 -52 -40 -24 0 0 51 -426 -4 59 -57 -443
Realized gains/ losses (net) 605 562 36 3 35 6 788 500 75 144 1,539 1,215
Impairments of investments (net) -191 -452 -47 -291 -1 -4 -221 -1,005 0 -179 -460 -1,931
Subtotal 350 58 -51 -312 34 2 618 -931 71 24 1,022 -1,159
Net investment income 3,749 3,562 15,937 14,580 74 13 744 -750 401 214 20,905 17,619Investment return in % of avg. investm. 4.0% 3.6% 4.7% 4.1% n/m n/m 1.9% -1.9% n/m n/m 4.6% 3.7%
Movements in unrealized gains/losseson equities 136 -262 1,697 -2,255 3 -3 -1,158 -793 n/m n/m 678 -3,313
Total investment return in % of avg. inv. 4.1% 3.4% 5.2% 3.4% n/m n/m -1.0% -3.9% n/m n/m 4.7% 3.0%
Operating investment result
Non-operating investment result
Corporate and Other Consolidation Group1P/C L/H AM
B 81
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Goodwill per segment
Goodwill (EUR bn)
Goodwill31.12.10
Goodwill31.12.11
12.00.0
Currencytranslation2
Disposal1
L/H
P/C
AM
Total
2.2
2.3
6.9
12.0
2.0
2.2
7.0
11.7
11.7
CO0.6
0.5
0.0
1) Loss of control in manroland AG (EUR -28mn) due to opening of insolvency proceedings in 4Q 20112) Changes in currency translation of EUR 67mn3) Impairments of goodwill at cash generating units L/H Asia-Pacific & Middle East (EUR -149mn), Banking Germany (EUR -95mn) and PC NAFTA Markets (EUR -94mn)
2010
2011
2010
2011
2010
2011
2010
2011
2010
2011
-0.3
Impair-ments3
B. Group financial results 2011 – Additional information on Group
B 82
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Shareholders’ equity(EUR mn)
B. Group financial results 2011 – Additional information on Group
Paid-incapital
Retained earnings
Foreign currency
translation adjustments
Unrealized gains and
losses (net)
Shareholders' equity
Non-controlling interests
Total equity
Balance as of 31.12.09 (restated) 28,635 9,642 -3,626 5,457 40,108 2,121 42,229
Total comprehensive income 5,294 1,297 -400 6,191 169 6,360
Paid-in capital 50 50 50
Treasury shares -24 -24 -24
Transactions between equity holders 26 -10 16 -91 -75
Dividends paid -1,850 -1,850 -128 -1,978
Balance as of 31.12.10 28,685 13,088 -2,339 5,057 44,491 2,071 46,562
Balance as of 31.12.10 28,685 13,088 -2,339 5,057 44,491 2,071 46,562
Total comprehensive income 2,505 343 -431 2,417 307 2,724
Paid-in capital 78 78 78
Treasury shares 14 14 14
Transactions between equity holders -53 0 -53 126 73
Dividends paid -2,032 -2,032 -166 -2,198
Balance as of 31.12.11 28,763 13,522 -1,996 4,626 44,915 2,338 47,253
B 83
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Shareholder value not accounted for in IFRS equity(EUR mn)
1) Positive contribution represents additional value not fully accounted for in IFRS equity.Negative contribution represents value already accounted for in IFRS equity. Figures without rounding
2) Excluding goodwill
12M 101 12M 111
Value of inforce in EV 12,773 6,602
Adjusted for 2 :IFRS DAC / VOBA -14,974 -15,024
Difference in life- and unallocated profit sharing reserves 11,598 14,868
Shareholder value of unrealized capital gains included in PVFP -4,862 -6,698
Net amount of asset valuation differences 1,162 1,778
Differences in tax treatment and other adjustments 2,831 151
Additional value not accounted for in IFRS equity 8,528 1,677
B. Group financial results 2011 – Additional information on L/H
B 84
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Comprehensive income(EUR mn)
B. Group financial results 2011 – Additional information on Group
12M 09 12M 10 12M 11Net income (after tax, before non-controlling interests) 4,255 5,209 2,804
CTA 394 1,338 348
Reclassification to net income 516 -9 4
Changes arising during the year -122 1,347 344
Available-for-sale investments 3,489 -428 -473
Reclassification to net income -753 -1,353 623
Changes arising during the year 4,242 925 -1,096
Cash flow hedges -16 9 -5
Reclassification to net income -5 -2 -1
Changes arising during the year -11 11 -4
Share of other comprehensive income of associates 32 39 46
Reclassification to net income 6 -2 0
Changes arising during the year 26 41 46
Miscellaneous -87 193 4
Reclassification to net income 0 -1 0
Changes arising during the year -87 194 4
Total other comprehensive income 3,812 1,151 -80
Total comprehensive income: attributable to: 8,067 6,360 2,724
Non-controlling interests 79 169 307
Total comprehensive income - Shareholders - 7,988 6,191 2,417
B 85
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Non-controlling interests0.0 (0.7%)
Revaluation reserve of EUR 19.4bn (EUR bn)
Off balance sheet On balance sheetRevaluation reserve
Shareholders’ share2.2 (36.8%)
Deferred taxes1.0 (16.5%)
Policyholders’ share2.7 (46.0%) 19.4
Policy-holders’share
AFS shareholders’
share
Non-controlling interests1
Deferredtaxes
5.36.2
4.6
1) Non-controlling interests in revaluation reserve amounts to EUR -24mn
5.9
Shadow DAC
-1.7
Shareholders’ share
2.0 0.1
Cash flow hedges
and other
Real estate
Available for sale
0.0
Associated enterprises, joint ventures
13.5
B. Group financial results 2011 – Additional information on Group
0.0
B 86
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Conglomerate solvency: details as of 31.12.11 (EUR bn)
Available funds
Available funds
Off-B/S reservesfor investments
Free RfB
Subordinated bonds, participation certific.
Bankparticipations
Goodwill,other intangibles
Dividend accruals
Shareholders’equity1
-14.4
42.6
+2.2
+5.4
+9.3
-0.3
-2.0
42.4
1) Adjusted for unrealized gains/ losses on available-for-sale bonds (negative effect of EUR -2.4bn)
Required capital
1.1
P/C
L/H
7.2
14.3
23.8
CO
AM 1.2
B. Group financial results 2011 – Additional information on Group
B 87
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Risk capital by risk categories
Risk capital1 breakdown(EUR bn)
Risk capital by segments
31.12.11
34.5
16.8
6.5
+13.5%
10.8
6.4
+13.5%
+6.6%
+17.4%
-1.5%-17.5%
+8.9%
+20.0%
+8.3%
34.5
17.1
17.4
3.32.6Business
risk
Underwritingrisk
Credit risk
Market risk
AM
L/H
P/C
CO
31.4
14.8
6.1
9.2
6.5
31.4
15.7
14.5
4.02.4
+9.9%
31.12.1131.12.1031.12.10
Tax impact -5.2 -5.9
+9.9%
Tax impact
B. Group financial results 2011 – Additional information on Group
1) Before non-controlling interests, Group diversified, at 99.97% confidence level
-5.2 -5.9 +13.5%
B 88
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Earnings per share (EUR)
2009 2010 2011
5.63
10.21
2009 2010 2011
11.1210.17
5.6311.209.33
Total basic EPS
0.00.0-0.88
From discontinued operations
5.4811.129.30
Total diluted EPS
0.00.0-0.87
From discontinued operations
11.20
5.48
Basic EPS Diluted EPSFrom continuing operations From continuing operations
B. Group financial results 2011 – Additional information on Group
B 89
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Equity market scenarios1)
(as of 31.12.11, EUR bn)
… and resulting unrealized gains / losses onAFS equity securities in shareholders’ equity2
Expected total P/L impact2 …
1) Based on the assumption that every position in the portfolio is hit by the same decrease2) Expected total P/L impact and unrealized gains/losses after policyholder participation, taxes, non-controlling interests3) Scenarios based on DJ Stoxx 600 as of 31.12.114) Before impact of dividend accrual
Equity market scenarios3:
-0.2 -0.4 -0.7thereof:oper. profitimpact
0.0
0.0
-0.7
-1.2
-0.1 -0.1 -0.1
-0.3
-0.1
DOW JONESSTOXX 600
-10% -20%0%
245
-30%
220 196 171
-10% -20% -30%
2.2
1.7
1.2
0.8
Estimated impact on FCDsolvency ratio4
-3.5%-p -7.0%-p -10.4%-p
Total P/L impactUnrealized losses afterstress (i.e. impairmentsin 2Q 12 and 3Q 12)
B. Group financial results 2011 – Additional information on Group
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Net equity exposure and solvency (EUR bn)
31.12.11
Net equityexposure
10.9 23.8
Availablefunds forFCD calc.
42.6
18.8
31.12.09
Net equityexposure
12.521.2
Availablefunds for
FCD calc.1
34.8
13.6
1) Pro-forma after sale of Dresdner Bank completed
31.12.10
Net equityexposure
12.722.9
Availablefunds forFCD calc.
39.6
16.7
Excess solvencySolvency requirement
B. Group financial results 2011 – Additional information on Group
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Additional information – 4Q results8
Summary6
L/H4Asset Management5
Additional information7
P/C3Group2Highlights1
BGroup financial results 2011
B 92
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1) Internal growth -3.8% adjusted for F/X effects and consolidation effects2) Operating profit and net income from continuing operations retrospectively adjusted for accounting policy change at AZ Life (USA),
operating profit effect 4Q 09: EUR -88mn, net income from continuing operations effect 4Q 09: EUR -57mn
4Q: results overview
201120102009
25.025.5 26.0
-3.7%1
2,0001,960 2,154
-7.1%
5601,033 1,181
-52.6%Net incomefrom continuing operations2
(EUR mn)
Operating profit2(EUR mn)
Total revenues(EUR bn)
4Q
B. Group financial results 2011 – Additional information on Group
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Total revenues1
25.5
1.3
15.2
8.9
30.6
1.1
15.4
14.0
1Q
20112009
4Q
25.4
1.2
14.1
10.0
24.5
1.3
12.6
10.6
1Q
2010
2Q 3Q 4Q
1.4
15.1
9.4
1.3
14.3
14.326.0
29.9
2Q
1.3
13.0
10.224.6 24.1
1.3
11.8
10.8
3Q
+12.2
-8.3
+1.6
-3.7
Totalgrowth
+10.3AM
-8.4L/H
+1.6P/C
-3.8Group
Internal growth
4Q 11(in %)
4Q
25.0
1.6
13.8
9.5
0.22
4Q: revenues(EUR bn)
0.12 0.12 0.12 0.22 0.22 0.12 0.12 0.22
B. Group financial results 2011 – Additional information on Group
1) For a description of total revenues and internal growth please refer to the glossaryAll segment figures are based on segment consolidated numbers; figures for the Group as a whole are based on fully consolidated numbers
2) Represents total revenues from Banking within Corporate and Other B 94
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4Q: operating profit at EUR 1.1bn
Operating profit(EUR mn)
-17.4%
1,147
712
1,169 1,122
1,3291,323
Operating profit drivers(EUR mn)
663
95.3 94.9 97.6
Combined ratio (in %)
327595324Q 10
358172414Q 11
4Q 1Q
2009
2Q 3Q
2010
4Q 1Q 2Q 3Q 4Q
2011
1,1111,093
B. Group financial results 2011 – Additional information on P/C
Operatingprofit4Q 10
Under-writing
OtherInvest-ment
Operatingprofit4Q 11Δ 4Q 11/10
1,323
-291
+58 1,093+3
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4Q: operating profit at EUR 519mn
1) For a description of the L/H operating profit drivers please refer to the glossary
519469
835 824
655554
679702
Operatingprofit4Q 10
Investm.result
Techn.result
Expenseresult
Operatingprofit4Q 11
554-70
-91519
+126
-6.3%
-414901054Q 10
-1324202314Q 11
Operating profit(EUR mn)
Operating profit drivers1
(EUR mn)
Δ 4Q 11/10
4Q 1Q
2009
2Q 3Q
2010
4Q 1Q 2Q 3Q 4Q
2011
520
B. Group financial results 2011 – Additional information on L/H
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Operatingprofit4Q 10
Net fee &comm. inc.
Operat.expenses
Operatingprofit4Q 11
4Q: operating profit up 19 percent
466
Otherincome
Δ 4Q 11/10
528516
+175663
-1-68
1) Net fee and commission income includes F/X effect of EUR +9mn; operating expenses include F/X effect of EUR -6mn
521
Cost-income ratio (in %)
58.660.9
576 557
+19.0%
55.5
528
-869191,4074Q 10
-9371181,58214Q 11
Operating profit(EUR mn)
Operating profit drivers(EUR mn)
4Q 1Q
2009
2Q 3Q
2010
4Q 1Q 2Q 3Q 4Q
2011
537663
557
F/X-adjusted growth:+18.3%
B. Group financial results 2011 – Additional information on AM
B 97
FinancingI nvestmentsTransactionsPaul Achleitner,Member of the Board of Management
Analysts’ conferenceFebruary 24, 2012
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Additional information4Outlook3Investment result and allocation2Financing & transactions1
CF inancingI nvestmentsT ransactions
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Highlights 2011/2012
Financing/Transactions
USD 500mn redemption of subordinated bond issued in 2002
EUR 2,000mn 30-year Solvency II style subordinated bond issuance
EUR 500mn contingent convertible subordinated notes issuance
Redemption/Investments
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2011
C. Financing Investments Transactions
EUR 290mn Commerzbankcapital increase
EUR 800mn acquisition of Gassled gas grid
stake in Norway1
Jan Feb
EUR 185mn extension of Allianz Popular bancassurance joint venture
USD 855mnadditional CPIC H-share investment
EUR 1,500mn10-year senior bond issuance
1) Announced June 2011
EUR 150mn Unicreditcapital increase
2012
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Capital structure (EUR bn)
2008 2009
12.2
7.97.9
Shareholders' equity1 Hybrid bonds2 Senior debt3
8.6
9.0
2010
7.2 7.4
2011
20.0% 14.5%
51.4 33.7
13.8%
40.2 44.5
12.1%
9.39.3
Debt / equity ratio
1) As historically reported2) Subordinated liabilities excluding bank subsidiaries; nominal value3) Certificated liabilities excluding bank subsidiaries; nominal value
C. Financing Investments Transactions
11.1
6.8
44.9
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Dated hybrids
Quality of capital (EUR bn)
1) NAV: shareholders' equity + shareholders’ share of off-balance sheet reserves - goodwill
2008
Shareholders' equityUndated hybrids
2009 2010
78%81%
83%
8% 7% 6%
Shareholders’ equity as % of total capital
Undated hybrids as % of total capital
Dated hybrids as % of total capital
49.543.0 53.5
14% 12% 11%
Total capital
C. Financing Investments Transactions
80%
10%
56.0
10%
2011
57%61%
65% 63% NAV / Total capital1
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12
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2041
Per
petu
al
Maturity profile of external bonds(EUR bn)
Senior bondsSubordinated bonds
1) Group excluding bank subsidiaries; nominal value2) Senior bond issued effective February 14, 2012
Maturity structure1 Outstanding bonds1
5.45.45.4
11.19.09.3
2009
2010
2011
14.7
16.5
14.4
C. Financing Investments Transactions
1.5 1.5 1.52.0
1.0
5.6
0.9
2.5
3.5
1.52
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Dividend per share(EUR)
Attractive dividend policy
3.503.80
5.50
31% 40% 40%
4.10
40%
4.50
3.5% 3.3% 5.6% 5.2%Dividend yield2
1) Proposal2) Based on average share price of fiscal year3) Based on net income from continuing operations, net of non-controlling interests; as historically reported4) Based on operating profit as historically reported
C. Financing Investments Transactions
81%
4.501
5.1%
23%
2.8%
2009 2010 20112006 2007 2008
Payout ratio4
Operating profit
Payout ratio3
Net income
23% 21% 26% 25% 26%16%
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Additional information4Outlook3Investment result and allocation2Financing & transactions1
CF inancingI nvestmentsT ransactions
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AIM ensured strong contribution of investment result to operating profit
Munich
Paris
MilanMinneapolis
Singapore
Covering EUR 461bn(445bn in 2010) insurance assets
5 regional hubs 300 employees
Contributes to capital efficiency by maximizing risk adjusted investment return within a standardized process
FactsObjective
Allianz Investment Management
8.2 7.9
5.4(66%)
5.1(65%)
2010 2011
Other operating profitOperating profit investment result1
Operating profit (EUR bn)
1) Insurance business only (P/C + L/H)
C. Financing Investments Transactions
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Investment performance 2011 – overview(EUR mn)
Debt/Cash
Impairments(net)
Total IFRS result
Current income
Realized gainsand losses (net)
Investment expenses/fair value option & trading/FX result
Change in unrealized
gains and losses2
Total incl. change in unrealized
gains and losses
19,984
Currentyield1
4.2%
Total performance1
4.2%
3,435
-3,661 17,619
2,227 19,846
-2,139
Total IFRS yield1
3.7%
Real estate/Other
Equities
Current income dominated by debt; current income yield stable with 4.2% Realized gains (net) on equities (~2/3) and also on debt securities (~1/3) Impairments mainly on equity (~2/3) and Greek government bonds (~1/3)
1) Yield calculation is based on the average asset base at carrying value 2) Includes AFS equity and debt, held-to-maturity investments as well as loans and advances to banks and customers
C. Financing Investments Transactions
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New investment yields 2011
DE
EM
IT
FR
Top countries
11.410.9
7.3
9.7
14.6
Maturity(in years)
7%
12%
17%
47%
4.7%3%ABS/MBS
L/H
4.2%
4.1%
4.2%
4.1%
Yield
100%
25%
25%
47%
new F/I investments
(in %)
Total F/I 2011
Corporate
Covered
Government1
C. Financing Investments Transactions
1) Treasuries and government related
IT
DE
EM
FR
Top countries
7.015.2
4.5
6.0
7.2
Maturity(in years)
9%
10%
15%
33%
4.7%9%ABS/MBS
P/C
3.8%
3.6%
3.9%
3.6%
Yield
100%
21%
25%
45%
new F/I investments
(in %)
Total F/I 2011
Corporate
Covered
Government1
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New investment yields in line with conservative investment strategy
C. Financing Investments Transactions
First class, long-term-oriented fixed income assetmanagement (PIMCO, AGI) assures attractive future yields
High quality new investments, no new subordinated bonds (financial sector), no non-domestic investments in GIPS, sustainable risk profile
Rating development (2008-2011) of fixed income portfolioin line with broad European market1
German Bund (10y)
Emerging Markets
Reinvestment yield L/H
Covered bonds
Treasuries ex. GIPS
Reinvestment yield P/C
in %
7.5
6.5
5.5
4.5
3.5
2.5
1.5Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Active investment zone for Allianz portfolio Corporates ex. sub.
1) Based on probabilities of default of portfolio compared to Barclays Euro Aggregate index C 12
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5.9
6.8
3.9
6.1
6.8
4.0
Increased spreads –a challenge for duration management
Swap rates decreased (-100 bps) liability duration increased
Portfolio rates stable asset duration stableDuration gap increased by yield development in 2011
P/C
L/H
20112010
20112010
Maturity3
5.15.1
9.69.3
1) Duration figures based on internal model (effective duration)2) Including corporate segment3) Debt, cash and other (in years)
Average time to maturity of all fixed income assets in the portfolio
Indicates the yearly turnover rate and the new investment rate
P/C
L/H
Group2
Assets Liabilities
20112010
2011
2010
2011
2010
3.4
2.9
8.9
7.8
7.4
6.9
Duration1
C. Financing Investments Transactions
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EUR 461.1bn
AAA 43%
AA 14%A 24%BBB 13%
Not rated3 3%
Cash/Other 2%EUR 7.1bn
Real estate 2%EUR 8.7bn
Equities 6%EUR 28.8bn
Debt instruments 90%EUR 416.5bn
Rating profile2
1) Portfolio discussion is based on consolidated insurance portfolios (P/C, L/H, Corporate and Other; excl. unit-linked)2) Excluding seasoned self-originated German private retail mortgage loans3) Mostly mortgage loans, policyholder loans, registered debentures all of investment grade quality
Non-investment grade 3%
High quality investment portfolio
Conservative asset allocation1 High quality fixed income portfolio
C. Financing Investments Transactions
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By rating3By type of issuer
Net AFS unrealized gains/losses (EUR bn)4By segment (EUR bn)
High quality fixed income portfolio
1) Including US agency backed investments (EUR 5.2bn)2) Including 4% seasoned self-originated German private retail mortgage loans;
1% short-term deposits at banks
Investment portfolio
90%
ABS/MBS1 5%
Government 36%Covered 25%Corporate 29%
TotalEUR 416.5bn
AAA 43%AA 14%A 24%BBB 13%Non-investment grade 3%
Corporate and Other 4%
L/H 78%P/C 18%
*) mostly mortgage loans, policyholder loans, regis-tered debentures, all of investment grade quality
Not rated* 3%
16.9
322.8
76.8
Other2 5%
thereof Banking 9%
3) Excluding seasoned self-originated German private retail mortgage loans4) On-balance unrealized gains/losses after tax, non-controlling interests,
policyholders and before shadow DAC
2011
2.6
4.0
2010
C. Financing Investments Transactions
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By ratingBy region
By segment (EUR bn) Net AFS unrealized gains/losses (EUR bn)2
Government bond allocation concentratedin EMU core countries Investment
portfolio
32%
AAA 42%AA 19%A 29%BBB 5%
Italy 18%
Germany 20%France 19%
Non-investment grade 3%Not rated 2%
TotalEUR 147.9bn1
Spain 3%UK 1%Rest of Europe 20%USA 5%Rest of World 14%
1) Government and government related (excl. US agency MBS)2) On-balance unrealized gains/losses after tax, non-controlling interests and policyholders and before shadow DAC
8.1
30.1Corporate and Other 6%
L/H 74%P/C 20%
0.71.4
20112010
109.7
C. Financing Investments Transactions
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Details sovereigns(EUR bn)
n.a.39.7%29.4n.a.34.1%104.0n.a.36.0%142.3Total 2010n.a.39.2%30.1n.a.34.0%109.7n.a.35.5%147.9Total 2011n.a.4.8%3.7n.a.3.0%9.8n.a.3.4%14.3Other0.00.1%0.10.00.1%0.20.10.1%0.3Greece0.10.2%0.10.00.1%0.30.20.1%0.4Ireland0.10.3%0.20.10.1%0.30.20.1%0.5Portugal0.00.7%0.60.00.2%0.60.00.3%1.2Canada0.40.6%0.50.00.3%0.90.40.3%1.4Brazil0.00.0%0.01.20.4%1.41.20.3%1.4Thailand0.10.3%0.20.20.4%1.30.30.4%1.5Mexico0.30.5%0.40.10.4%1.30.40.4%1.7Poland1.42.4%1.80.00.1%0.21.40.5%2.1UK2.23.0%2.30.00.0%0.02.20.6%2.4Australia0.11.1%0.80.20.5%1.60.30.7%2.9Netherlands0.10.9%0.70.21.0%3.20.31.0%4.1Austria1.01.4%1.12.11.2%3.83.11.2%4.9Spain0.00.0%0.05.61.8%5.75.61.4%5.7South Korea0.21.2%0.91.91.4%4.62.21.4%5.9Belgium1.41.8%1.44.51.4%4.65.91.4%6.0Switzerland1.83.3%2.54.21.5%4.96.02.0%8.4USA3.14.8%3.716.46.9%22.319.56.3%26.1Italy2.95.6%4.315.36.8%22.018.26.6%27.6France3.06.2%4.818.56.4%20.725.27.0%29.1Germany
thereofdomestic
%of F/I (P/C)
BookValue
thereofdomestic
%of F/I (L/H)
BookValue
thereofdomestic
%of F/I
BookValue
P/CL/HGroup
C. Financing Investments Transactions
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By country By rating
Net AFS unrealized gains/losses (EUR bn)1By segment (EUR bn)
1) On-balance unrealized gains/losses after tax, non-controlling interests and policyholders and before shadow DAC
Fixed income portfolio – covered bonds
AAA 86%AA 9%A 3%BBB 2%
TotalEUR 102.6bn
UK 5%
Germany 55%France 13%Spain 10%
Switzerland 2%Ireland 2%
Sweden 1%Rest of World 12%
Non-investment grade 0%Not rated 0%
Investment portfolio
22%
3.6
17.5Corporate and Other 4%
L/H 79%P/C 17%
-0.1-0.1
20112010
81.5
C. Financing Investments Transactions
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By segment (EUR bn)
By sector By rating
Net AFS unrealized gains/losses (EUR bn)2
1) Including Eurozone loans/bonds (1%), US corporate mortgages (3%)2) On-balance unrealized gains/losses after tax, non-controlling interests and policyholders and before shadow DAC
TotalEUR 122.8bn
AAA 7%AA 10%A 37%BBB 34%
Non-investment grade 7%Not rated1 5%
Banking 31%Other financials 10%Consumer 13%Communication 9%
Industrial 6%Utility 9%Other 22%
Fixed income portfolio – corporateInvestment
portfolio
27%
3.9
21.5Corporate and Other 3%
L/H 79%P/C 18%
20112010
1.21.9
97.4
C. Financing Investments Transactions
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By rating
Net AFS unrealized gains/losses (EUR bn)1
By country
By segment (EUR bn)
1) On-balance unrealized gains/losses after tax, non-controlling interests and policyholders and before shadow DAC
AAA 11%AA 20%A 50%BBB 16%
TotalEUR 38.0bn
UK 10%Germany 16%
Italy 6%France 9%
Rest Eurozone 19%
USA 16%Rest of World 13%
Fixed income portfolio – banks
Europe ex Eurozone 11%
Corporate and Other 7%
L/H 70%P/C 23%
Non-investment grade 2%Not rated 1%
Investment portfolio
8%
2.8
8.7
20112010
0.1 -0.326.5
C. Financing Investments Transactions
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Net AFS unrealized gains/losses (EUR bn)1
By ratingBy type of category
By segment (EUR bn)
1) On-balance unrealized gains/losses after tax, non-controlling interests and policyholders and before shadow DAC
TotalEUR 19.9bn
AAA 58%AA 26%A 11%BBB 1%
Credit Card 2%
US Agency 26%RMBS 6%CMO/CDO 6%
Other 9%
CMBS 49%
Non-investment grade 3%Not rated 1%Auto 2%
Fixed income portfolio – ABSInvestment
portfolio
4%
0.4
3.9Corporate and Other 2%
L/H 78%P/C 20%
0.6 0.7
20112010
15.6
C. Financing Investments Transactions
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By region
By segment (EUR bn) Net AFS unrealized gains/losses (EUR bn)4
By industry
1) Before hedges; equity quota after hedges 6%2) Incl. non-equity retail funds (EUR 0.6bn),
excl. equities designated at fair value through income (EUR 2.1bn)
Equity portfolioInvestment
portfolio
6%1
Eurozoneex Germany 35%
Germany 21%
Europeex Eurozone 20%NAFTA 14%
Rest of World 10%
TotalEUR 28.8bn2
1.9
4.8Corporate and Other 7%
L/H 76%P/C 17%
3) Diversified investment funds (EUR 2.1bn); private and unlisted equity (EUR 5.1bn)4) On-balance unrealized gains/losses after tax, non-controlling interests and
policyholders and before shadow DAC
3.3
2.2
20112010
Basic materials 10%
Industrial 6%Energy 6%
Banking 9%Other financials 13%Utilities 4%
Funds and Other3 34%
Consumer 18%
22.1
C. Financing Investments Transactions
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Reconciliation of net equity exposure(as of 31/12/2011)
Equity gearing
Group equity gearing1
(EUR bn)
4.9
-0.9
Grossequity
exposure
Policy-holders
Def.taxes/min.
Hedge Net equity
exposure
24.0-15.4
-4.1
3.1
5.40.4
31.62
10.9
2.0 0.7
2.0
NAV5Net divest-ments
+market
movement4
Net equityexposure
13.0
-1.8
2008 2009 2010
12.5 12.710.9
2011Net
equityexposure
L/H
P/C
Corporate
AM
1) Group figures, including Asset Management and Banking2) Equity investments held available-for-sale and designated at fair value (EUR 2.6bn); associated enterprises, non consolidated affiliated enterprises and JVs3) Adjustment for non-equity retail funds as well as insurance participations accounted for as associated enterprises, non-consolidated affiliated enterprises and JVs4) Including new adjustment for non-equity retail funds and insurance participations5) Shareholders’ equity + shareholders’ share of off-balance sheet reserves excluding goodwill
Econ.adjust-ment3
-0.3
0.5 0.4 0.4 0.3
35.4
C. Financing Investments Transactions
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Alternative investments
Renewables Further increased investment volume of renewable
energies by various solar and windparks
Wind energy investments strengthened in France and Germany, photovoltaic park investments conducted in Italy and France
Continuing build-up of portfolio to be executed in newly established pan-European structure comprising various Allianz entities in Germany, France and Italy
Assets under Management(4Q 2011, in EUR bn)
Target IRR (in %)
Infrastructure Portfolio significantly increased to EUR 1bn by
acquisition of the Norwegian gas transportation grid stake Gassled
Investment team drives expansion of Allianz’ portfolio, eyeing on core assets with a low-risk profile and long-term, stable and inflation-linked cash flows
Major target sectors remain power and gas grids,rail and other transportation infrastructure
Renewable energy
Infrastructure
Direct private equity
Fund investments
1.3
1.01
0.4
5.7
Total 8.4
Renewable energy
Infrastructure
Direct private equity
Fund investments
7 - 8%
8 - 9%
15%
10 - 12%
Investment portfolio
2%1
1) Including Gassled stake
C. Financing Investments Transactions
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Gassled transactionExample for infrastructure investments
Pipeline systemTotal stake (6.4%¹) Statoil stake (24.1%¹)
General World’s largest offshore gas transportation system(ca. 8,000 km; consists of rich and dry gas pipelines,as well as related platforms and terminals) Connects the offshore gas fields on the Norwegian continental
shelf with receiving terminals in Continental Europe and the UK License runs until 2028
Region Norway Norway
Economic figures
Transaction value: NOK 4.6bn (~EUR 0.6bn)
Transaction total value: NOK 17.4bn (~EUR 2.2bn)(Allianz equity share: EUR 0.2 bn)
Ownership Allianz Consortium of Allianz, ADIA and CPPIB
Investment highlights
Strategic asset of vital importance to ensure continuityof gas supply to Europe Regulated asset with inflation protected returns Limited risk profile underpinned by “ship or pay” contracts
C. Financing Investments Transactions
1) Direct and indirect participation C 25
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By sectorBy region
Net unrealized gains/losses (EUR bn)3By segment (EUR bn)
TotalEUR 17.3bn2
Residential 19%Office 64%
Retail 12%Other/mixed 5%
Own use3rd party use
L/H 61%
P/C 34%
Corporate and Other 5%
Real estate portfolioInvestment
portfolio
2.1
1.50.6
2.1
1.50.6
20112010
1) Based on carrying value, 3rd party use only2) Market value of fully consolidated real estate assets including real estate own use (EUR 4.1bn) and minorities (EUR 0.3bn)3) Off-balance unrealized gains/losses after tax, non-controlling interests, policyholders and before shadow DAC, based on external and internal real estate valuations
0.8
5.9
10.6
Germany 26%France 34%
Italy 8%Switzerland 16%
Spain 3%
USA 1%Rest of World 7%
Rest of Eurozone 5%
C. Financing Investments Transactions
2%1
C 26
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Allianz Real Estate (ARE): active portfolio management
Real estate investment strategy
Retail ~ 30%Residential ~ 15%
Other/mixed ~ 10%
Office ~ 45%
Target sector allocation
Target returns5 - 6% Income return1 - 3% Capital growth
Real estate exposure:
Target
19.41~ 30
2011
ARE Assets under Management (EUR bn)
In 2011 more than EUR 1.5bn new investments …
RetailGermanySkyline Plaza
OfficeFranceForum Seine
LogisticsEuropePrologis Europe
OfficeGermany Friedrichstraße 200
MixedUSAPGRESS
OfficeFrance Front de Seine
OfficeGermanyBrahms Quartier
ResidentialUSAArchstone
SectorMarket/cityMajor investments
1) Contains EUR 17.3bn fully consolidated real estate assets and EUR 2.1bn other real estate assets (including EUR 0.9bn joint ventures and associated enterprises, EUR 1.5bn available-for-sale investments with open commitments and excluding EUR 0.3bn minorities).
17.32.1
Fully consolidated real estate assets
Other real estate
Total
Residential, office
Mainly in France, Germany
Small lines, secondary locations
LogisticsUSALogistic portfolio
SectorMarket/cityDivestments
… but also approx. EUR 1bn divestmentsof non-strategic assets
C. Financing Investments Transactions
C 27
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Real estate opportunity –expansion of debt business in EuropeThe market opportunity
Significant commercial real estate debt volumes to mature in the next years
Banks partly retrench from new property lending (Basel III, liquidity issues, …)
Portfolios of performing commercial mortgage loans on the market
Attractive credit spreads, includinglow risk transactions
Allianz is well positioned
OfficeGermany/FrankfurtDeutsche Bank towers
SectorMarket/CityTransaction
C. Financing Investments Transactions
Landmark transaction in Europe in 2011
Berlin
New York
Frankfurt
Singapore
Milan
Stuttgart
Zurich
Paris Munich
Sound real estate expertise locally available(Hubs in FR, GER, IT, CH, A/P, US)
USA: Experienced US platform
with a high quality debt port-folio of around ~USD 6.1bn
USD 1bn new investments in 2011
Experienced Germanretail mortgage platformof around ~EUR 12.6bn
1
2 3
Allianz Real Estate offices
Leveraging existing mortgage debt and real estate experience in Allianz
C 28
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Additional information4Outlook3Investment result and allocation2Financing & transactions1
CF inancingI nvestmentsT ransactions
C 29
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20122011ImplicationsPortfolio
actionAssessmentPortfolio
action
Successful investments inselective assets
Continuing rebalancing of portfolio keeping focus on high quality investments
Benefited from initial equity rally Maximum underweight Very bad year for equities
Non-domestic Italian governmentbonds have been reduced in time
Corporate bonds clearly outperformedon high spreads and limited peripheral exposure
Government bonds underperformedon peripheral concerns
Long duration paid off
Continue strategic increase in alternative investments (infrastructure and distressed opportunities)
Selective and opportunistic investments Allows for inflation adjustment
Equity valuations do not reflect risk to earnings Disappointing earnings season and Greek
resolution might mark an entry moment
Invest in direct lending Increase High Yield and selected corporates Management of financials, particularly by reducing
subordinated exposure through redemptions Retain Emerging Markets for yield and solvency
Alternatives
Real estate
Equities
Debtsecurities
Major portfolio actions in 2011 and expectation for 2012
C. Financing Investments Transactions
C 30
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Key topics 2011 and expected topics for 2012
20122011
Asset allocation further optimized withrespect to Solvency II boundaries
Low interest rate environment taken into consideration by intensive asset durationmanagement
Euro debt crisis:- rebalancing of sovereign exposure- pushing for insurance mechanism in EFSF/ESM framework
Close monitoring of financial exposure (equity and corporates)
Continued tight management ofcurrency exposure
Increase exposure to real assets(directly financing economy insteadof indirectly via banks)
Seize special situations/direct lending
C. Financing Investments Transactions
C 31
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Additional information4Outlook3Investment result and allocation2Financing & transactions1
CF inancingI nvestmentsT ransactions
C 32
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0.20.30.5A
0.21.82.1A
0.00.00.0A
0.10.10.2A
6.115.823.1totalOther4.611.617.0AAA
1.03.14.5AA
0.30.81.1≤ BBB/not rated
≤ BBB/not rated
AA
AAAtotal≤ BBB/not rated
AAAAA
Total≤ BBB/not rated
AAAAA
total
16.379.398.5Total 201017.581.5102.6Total 2011
0.20.70.9
0.21.31.5
1.43.95.32.07.79.8Spain0.00.00.0
0.41.41.92.59.211.8
2.910.613.7France0.20.10.3
0.40.61.05.846.654.5
6.547.456.0Germany
P/CL/HGroup
Details covered bonds(EUR bn)
C. Financing Investments Transactions
C 33
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1.14.96.6LT20.00.30.3UT20.20.41.3T10.00.20.2other
0.00.20.2T1
0.10.00.1T1
0.00.10.1T1
0.00.00.0T1
0.00.00.7T1
0.10.10.2T1
0.20.30.5total subItaly0.10.30.4LT20.00.00.0UT2
0.00.00.0other0.21.92.1total subOther0.21.41.6LT20.00.20.2UT2
0.00.10.1other
0.10.50.7total subFrance0.10.40.6LT20.00.00.0UT2
0.00.00.0other
total sub
total sub
other
UT2LT2total subother
UT2LT2total subother
UT2LT2total sub
1.77.510.6Total 2010
1.35.88.4Total 2011
0.00.00.0
0.00.10.10.30.91.20.31.01.3UK0.00.10.1
0.00.00.00.10.30.90.10.41.7Germany0.00.00.0
0.00.00.00.31.61.90.41.72.1USA
P/CL/HGroup
Details bank exposure – subordinated debt (EUR bn)
C. Financing Investments Transactions
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0.10.00.0A
0.10.00.1A
0.00.10.0A
0.00.10.0A
0.00.01.6A
0.20.20.1totalRest of Europe0.10.20.0AAA0.00.00.0AA
0.00.00.0≤ BBB/not rated0.40.00.0totalOther0.20.00.0AAA0.00.00.0AA
0.10.00.0≤ BBB/not rated
≤ BBB/not rated
AAAAATotal≤ BBB/not rated
AAAAATotal≤ BBB/not rated
AAAAAtotal
1.81.68.5Total 20101.31.29.5Total 20112
0.00.00.0
0.00.10.10.10.20.00.10.40.1Ireland / Spain / UK0.00.00.0
0.00.00.00.10.50.00.10.60.0Netherlands0.50.00.1
0.00.00.50.00.07.10.50.09.3USA
Structured credit1RMBSCMBS
Details CMBS, RMBS and structured credit exposure (EUR bn)
1) 100% senior tranche2) Country allocation based on asset pool, previously based on issuer
C. Financing Investments Transactions
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By issuer1
Top 5 issuers (EUR mn)By segment (EUR bn)
Fixed income: US municipal bonds
Top 1 - 10 18%
Top 11 - 30 24%Rest 58%
TotalEUR 4.0bn2
L/H 67%P/C 32%
1.3
62
71
74
76
128
Book value
0
5
0
27
0
thereof insured
Tacoma WA, City of (Ter.)
Chicago IL, City of (Ter.)
New York NY, City of (Ter.)
New Jersey Transportation Trust Fund Authority
New York City Transitional Finance Authority
Issuer
1) Total number of issuers approx. 3002) Thereof insured EUR 0.6bn
By rating
AAA 12%AA 62%A 26%
Non-investment grade 0%
Not rated 0%
Well diversified issuer structure, portfolio managed by PIMCO
Corporate and Other 1%
BBB 0%
0.0
2.7
C. Financing Investments Transactions
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Excursus Solvency II:impact on financing of banks and corporates
Reduced refinancing possibilities for banks
Charges too high compared to corporate bonds
0.7% - 6.0%Covered bonds(AAA rating, 1 - 10 yrs duration)
Sovereigns become preferred asset class
Sovereign crisis not reflected0% for EU member states2
Government bonds
Proposed charges calibrated to UKmarket (traditionally high volatility –unlike many markets in continental Europe)
In combination with IFRS 9, high charges drive insurance sector more and more out of this asset class
Very high charges
Loans treated like bonds Equal treatment of all industry
sectors
Solvency II framework Economic implicationsCapitalcharges1
25%
39% - 49%
7% - 42%
0.9% - 7.15%
Attractiveness of real estate investments decreases
Less inflation protection in private pension savings
Role of insurance industry as equity investor becomes less important
Shrinking yields for privately financed pension savings
More limited financing possibilities, esp. for banks
Increased pressure to shorten liability duration
Real estate
Equities
“Repacked Loans” (ABS/MBS)(AAA rating, 1 - 6 yrs dur.)
Corporate bondsand loans(AAA rating, 1 - 10 yrs duration)
1) As in “Draft Implementing Measures Solvency II” (Oct 2011). Before diversification, not taking into account interest rate risk. Equities without participations2) Includes also other institutions like the European Central Bank or multilateral development banks
C. Financing Investments Transactions
C 37
Appendix
Analysts’ conferenceFebruary 24, 2012
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Sum of loss ratio and expense ratio, represents the total of acquisition and administrative expenses (net) and claims and insurance benefits incurred (net) divided by premiums earned (net)
Combined ratio (CR)
Collateralized debt obligation (CDO) is a type of structured security backed by a pool of bonds, loans and other assets. CDOs usually do not specialise in any one type of debt but are often non-mortgage loans or bonds
Collateralized debt obligation (CDO)
Compound annual growth rate is the year-over-year growth rate over a multi-year periodCAGR
Basis point = 0.01%Bps
Allianz Investment ManagementAIM
Central and Eastern EuropeCEE
Committee of European Insurance and Occupational Pensions Supervisors; as of January 1, 2011, CEIOPS has been replaced by the European Insuranceand Occupational Pensions Authority (EIOPA)
CEIOPS
Asset managementAM
Assets under Management: The total of all investments, valued at current market value, which the Group has under management with responsibility for their performance. In addition to the Group´sown investments, AuM include investments managed on behalf of third parties
AuM
Asset-backed securities: Structured bonds or notes collateralized by a pool of assets such asloans, bonds or mortgages. As characteristics of the collaterals vary considerably (with regard to asset class, quality, maturity, etc.), so do asset-backed securities
ABS
Allianz Global Investors, since January 2012: AAM (Allianz Asset Management)AGI
Allianz Global Corporate & SpecialtyAGCS
Available-for-sale: Securities which have been acquired neither for sale in the near term nor to be held to maturity. Available-for-sale investments are shown at fair value on the balance sheet
AFS
Glossary (1)
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European Insurance and Occupational Pensions Authority (also see CEIOPS)EIOPA
Ratio calculated by dividing the consolidated profit or loss for the year by the average number of shares outstanding. For calculating diluted earnings per share, the number of shares and the profit or loss are adjusted by the dilutive effects of any rights to subscribe for shares which have been or still can be exercised. Subscription rights arise in connection with issues of convertible bonds or share options
Earnings per share (EPS)(basic/diluted)
Duration is a measure of the average (cash-weighted) term-to-maturity of bondsDuration
Currency Translation AdjustmentCTA
Debt securities covered by a pool of mortgage loans or by public-sector loans with investors having a preferential claim in case of a default
Covered bonds
Interest and similar income/ average asset base at book value (excluding income from financial assets and liabilities carried at fair value); current yield on debt securities adjusted for interest expenses; yield on debt securities including cash components
Current yield
Deferred acquisition costs: Commissions, underwriting expenses and policy issuance costs, which vary with and are primarily related to the acquisition and renewal of insurance contracts. These acquisition costs are deferred, to the extent that they are recoverable, and are subject to recoverability testing at the end of each accounting period
DAC
The impact of market changes and asset performance above the level expected in prior year Economic variances
Collateralized mortgage obligation (CMO) is a type of mortgage-backed security where the cash flows are often pooled and structured into many classes of securities with different maturities and payment schedules.
Collateralized mortgage obligation(CMO)
Commercial mortgage-backed security (CMBS) is a type of mortgage backed security that is secured by the underlying pool of loans on commercial properties.
Commercial mortgage-backed securities (CMBS)
Represents operating expenses divided by operating revenuesCost-income ratio (CIR)
Glossary (2)
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The market value of any assets allocated to, but not required to support, the in-force businesscovered by the MCEV methodology
Free surplus
Foreign exchangeF/X
Difference between a subsidiary’s purchase price and the relevant proportion of its net assetsvalued at the current value of all assets and liabilities at the time of acquisition
Goodwill
Fair value option: Financial assets and liabilities designated at fair value through income are measured at fair value with changes in fair value recorded in the consolidated income statement.The recognized net gains and losses include dividends and interest of the financial instruments.A financial instrument may only be designated at inception as held at fair value through incomeand cannot be subsequently changed
FVO
Financial liabilities carried at fair value through income include primarily negative market values from derivatives and short selling of securities. Derivatives shown as financial liabilities carried at fair value through income are valued the same way as financial assets carried at fair value through income
Financial liabilities carried atfair value through income
Financial assets carried at fair value through income include debt and equity securities as wellas other financial instruments (essentially derivatives, loans and precious metal holdings) whichhave been acquired solely for sale. They are recorded in the balance sheet at fair value
Financial assets carried atfair value through income
The equity exposure is the part of investments invested in equity securitiesEquity exposure
Equity exposure (attributable to shareholders) divided by net asset value excluding goodwillEquity gearing
Acquisition and administrative expenses (net) divided by premiums earned (net)Expense ratio (ER)
The amount for which an asset could be or is exchanged between knowledgeable, willing partiesin an arm’s length transaction
Fair value (FV)
Financial conglomerates directive: European regulation for the supervision of financial conglomerates and financial groups involved in cross-sectoral business operations
FCD
Fixed income securitiesF/I
Glossary (3)
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Glossary (4)
Investment result: Investment result is defined as the difference between IFRS investment incomenet of expenses and interest credited to IFRS reserves plus policyholder dividends if any
The objective of the Life/Health operating profit driver analysis is to explain movements in IFRSresults by analyzing underlying drivers on a L/H segment consolidated basis Technical result: Technical result comprises risk result (difference between total risk premiums and benefits in excess of reserves net of policyholder participation), lapse result (sum of “surrender charges” assessed and “commission claw-backs” minus deferred acquisition cost written off on lapsed policies net of policyholder participation) and reinsurance result
L/H operating profit drivers
Expense result: Expense result is the difference between expense charges assessed to policyholders and actual expenses minus regular changes in deferred acquisition costs net
Life and health insuranceL/H
The expected profit based on prior year assumptionsInforce business contribution
Securities that combine characteristics of bonds and equities such as long or unlimited time to maturity or conditional interest payments (fixed or flexible); creditors have a subordinated rank compared to owners of e.g. senior bonds
Hybrid bonds
Government bonds include government and government agency bondsGovernment bonds
Enhances the understanding of our total revenue performance by excluding the effects of foreign currency translation as well as of acquisitions and disposals
Internal growth
International Financial Reporting Standards. Since 2002, the designation of IFRS applies to the overall framework of all standards approved by the International Accounting Standards Board. Standards already approved before will continue to be cited as International Accounting Standards (IAS)
IFRS
In insurance terminology the terms “gross” and “net” mean before and after consideration of reinsurance ceded, respectively. In investment terminology the term “net” is used where the relevant expenses (e.g. depreciations and losses on the disposal of assets) have already been deducted
Gross/Net
(Realized gains and losses (net) + impairments on investments (net))/ average investments andloans at book value (excluding income from financial assets/ liabilities carried at fair value)
Harvesting rate
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Glossary (5)
Net asset valueNAV
Operating asset base: Represents all operating investment assets within the L/H segment. This includes investments & loans, financial assets and liabilities carried at fairvalue as well as unit-linked investments. Market value liability option is excluded
OAB
Net premiums earnedNPE
Market consistent embedded value is a measure of the consolidated value of shareholders’ interest in a life portfolio. The Market Consistent Embedded Value is defined asNet asset value (NAV)
+ Present value of future profits- Time value of financial options and guarantees (O&G)- Frictional cost of required capital- Cost of residual non-hedgeable risk (CNHR)
MCEV
The Mega Cat program reinsures the top natural peril scenarios of Allianz Group up toreturn periods of more than 1,000 years
Mega Cat
Market value liability optionMVLO
New business margin: Value of new business divided by present value of new business premiumsNBM
Represent the proportion of equity of affiliated enterprises not owned by Group companiesNon-controlling interests
Mortgage-backed securities: Securities backed by mortgage loansMBS
Number of accident year claims reported divided by number of risks in-forceLoss frequency
Claims and insurance benefits incurred (net) divided by premiums earned (net). Loss ratio calendar year (c.y.) includes the results of the prior year reserve developmentin contrast to the loss ratio accident year (a.y.)
Loss ratio
Average claim size (accident year gross claims reported divided by number of claims reported)Loss severity
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Glossary (6)
Premiums written represent all premium revenues in the year under review. Premiums earned represent that part of the premiums written used to provide insurance coverage in that year. In the case of life insurance products where the policyholder carries the investment risk (e.g. variable annuities), only that part of the premiums used to cover the risk insured and costs involved is treated as premium income
Premiums written/ earned(IFRS)
AllianzGI account-based, asset-weighted 3-year investment performance of third-party assets vs. benchmark including all accounts managed by equity and fixed income managers of AllianzGI. For some retail equity funds the net of fee performance is compared to the median performance of an appropriate peer group (Morningstar or Lipper; 1st and 2nd quartile mean out-performance). For all other retail funds and for all institutional accounts performance is calculated gross of fees using closing prices (revaluated) where appropriate and compared to the benchmark of each individual fund or account. Other than under GIPS (Global Investment Performance Standards), the performance of closed funds/ accounts is not included in the analysis. Accounts at AllianzGI Investments Europe, Zurich Branch and Joint-Venture GTJA China and in parts WRAP accounts are not considered.
Performance AM
Represents the fraction of net income after non-controlling interests that is paid to its shareholders in dividends
Payout ratio
Consist of numerous non-economic changes such as the impact of changes in lapse andexpense assumptions or the variance of actual crediting rates from modeled strategy
Operating and non-operating variance and assumption changes
Operating entity OE
Earnings from ordinary activities before income taxes and minority interests in earnings, excluding,as applicable for each respective segment, all or some of the following items: Income from financial assets and liabilities held for trading (net), realized gains/ losses (net), impairments of investments(net), interest expense from external debt, amortization of intangible assets, acquisition-related expenses and restructuring charges, income from fully consolidated private equity investments(net) as this represents income from industrial holdings outside the scope of operating business
Operating profit
Property and casualty insuranceP/C
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Glossary (7)
Shadow accounting is applied in order to include the effect of unrealized gains or losses from the debt or equity securities classified as available for sale in the measurement of Deferred Acquisition Costs in the same way as it is done for realized gains or losses. Due to virtual (shadow) realization of unrealized gains or losses Deferred Acquisition Costs are adjusted with corresponding charges or credits recognized directly to shareholders’ equity
Shadow DAC
Societas Europaea: European stock companySE
Reserve for premium refunds: The part of the operating surplus which will be distributed to policyholders in the future. This refund of premiums is made on the basis of statutory, contractual,or company bylaw obligations, or voluntary undertaking
RfB
Present value of new business premiums: Present value of projected new regular premiums, discounted with risk-free rates, plus the total amount of single premiums received
PVNBP
Where an insurer transfers part of the risk which he has assumed to another insurerReinsurance
The market value of assets attributed to the covered business over and above that required to back liabilities for covered business whose distribution to shareholders is restricted
Required capital
Debt instruments that are backed by portfolios of mortgages on residential rather thancommercial real estate
Residential mortgage-backed securities (RMBS)
Retained earnings comprise the net income of the current year, not yet distributed earnings of prior years and treasury shares as well as any amounts directly recognized in equity according to IFRS such as consolidation differences from minority buyouts
Retained earnings
Minimum capital required to ensure solvency over the course of one year with a certain probabilitywhich is also linked to our rating ambition
Risk capital
All assets of a bank multiplied by the respective risk-weight according to the degree of risk of each type of asset
Risk-weighted assets (RWA)
Run-off ratio is calculated as run-off result (result from reserve releases in P/C business)in percent of net premiums earned
Run-off ratio
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Glossary (8)
Include primarily unrealized gains and losses from available-for-sale investments net of tax and policyholder participation
Unrealized gains and losses (net) (as part of shareholders’ equity)
Represent the sum of P/C segment’s gross premiums written, L/H segment’s statutory premiums, operating revenues in Asset Management and total revenues in Corporate and Other (Banking)
Total revenues
The Super Cat program covers medium-sized natural catastrophe events up to return periods of 250 years by pooling the potential losses of the Allianz entities
Super Cat
Updated solvency regulation which is planned to become fully effective in 2013Solvency II
Ratio indicating the capital adequacy of a company comparing eligible funds to required capitalSolvency ratio
Sovereign bonds include government and government agency bondsSovereign bonds
Represent gross premiums written from sales of life insurance policies, as well as gross receipts from sales of unit-linked and other investment-oriented products, in accordance with the statutory accounting practices applicable in the insurer’s home jurisdiction
Statutory premiums
loss due to NatCat events, both natural and man-made, leading to claims of EUR 1.5bn. Applies to P/C business only
- NatCat:
new non-recurring business volume increases by 50% which leads to an additional reserve requirement
- New business:
100bps increase in the credit spreads across all rating classes- Credit spread:
scenario based on probabilities of default in 1932, migrations adjusted to mimic recession and assumed recovery rate of 30%
- Credit loss/ migration:
Stress tests are based on the following scenariosStress tests
Represents the sum of shareholders’ equity and non-controlling interestsTotal equity
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Glossary (9)
Value of the Business Acquired. It refers to the present value of future profits associated with a block of business purchased. It is booked as an intangible asset in the balance sheet.
VOBA
Value of new business: The additional value to shareholder created through the activity of writing new business. It is defined as present value of future profits (PVFP) after acquisition expenses minus the cost of option and guarantees (O&G), minus the cost of residual non-hedgeable risk (CNHR), minus the frictional cost of holding required capital, all determined at issue date
VNB
Variable annuities: Insurance contract whereby a policyholder invests in a portfolio of securities and usually combines the savings component with a certain kind of a benefit guarantee
VA
Value of inforce: Present value of future profits from in-force business (PVFP) minus the time value of financial options and guarantees (O&G) granted to policyholders, minus the cost of residual non-hedgeable risk (CNHR), minus the frictional cost of holding required capital (CReC)
VIF
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Investor Relations contacts
Oliver Schmidt +49 89 3800-3963
Head ofInvestor Relations
E-mail: [email protected]
Holger Klotz
E-mail: [email protected]
ChristianLamprecht
+49 89 3800-3892
E-mail: [email protected]
+49 89 3800-18124
InvestorRelations
+49 89 3800-3899
E-mail:[email protected]
ReinhardLahusen
+49 89 3800-17224
E-mail:[email protected]
Stephanie Aldag +49 89 3800-17975
E-mail:[email protected]
IR Events
Peter Hardy
E-mail:[email protected]
+49 89 3800-18180
Internet
English: www.allianz.com/investor-relations German: www.allianz.com/ir
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Financial calendar
March 23, 2012 Annual Report 2011
May 9, 2012 Annual General Meeting
May 15, 2012 1st quarter results 2012
August 3, 2012 2nd quarter results 2012
November 9, 2012 3rd quarter results 2012
February 21, 2013 Financial results 2012
March 15, 2013 Annual Report 2012
May 7, 2013 Annual General Meeting
The German Securities Trading Act ("Wertpapierhandelsgesetz") obliges issuers to announce immediately any information which may have a substantial price impact, irrespective of the communicated schedules. Therefore we cannot exclude that we have to announce key figures of quarterly and fiscal year results ahead of the dates mentioned above. As we can never rule out changes of dates, we recommend checking them on the Internet at www.allianz.com/financialcalendar.
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Disclaimer
These assessments are, as always, subject to the disclaimer provided below.
Cautionary Note Regarding Forward-Looking StatementsThe statements contained herein may include statements of future
expectations and other forward-looking statements that are based
on management’s current views and assumptions and involve known
and unknown risks and uncertainties that could cause actual results,
performance or events to differ materially from those expressed or
implied in such statements. In addition to statements which are forward-
looking by reason of context, the words “may”, “will”, “should”, “expects”,
“plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”,
“potential”, or “continue” and similar expressions identify forward-looking
statements. Actual results, performance or events may differ materially
from those in such statements due to, without limitation, (i) general economic
conditions, including in particular economic conditions in the Allianz Group’s
core business and core markets, (ii) performance of financial markets,
including emerging markets, and including market volatility, liquidity and
credit events (iii) the frequency and severity of insured loss events,
including from natural catastrophes and including the development of loss
expenses, (iv) mortality and morbidity levels and trends, (v) persistency
levels, (vi) the extent of credit defaults, (vii) interest rate levels, (viii) currency
exchange rates including the Euro/U.S. Dollar exchange rate, (ix) changing
levels of competition, (x) changes in laws and regulations, including monetary
convergence and the European Monetary Union, (xi) changes in the policies
of central banks and/ or foreign governments, (xii) the impact of acquisitions,
including related integration issues, (xiii) reorganization measures, and (xiv)
general competitive factors, in each case on a local, regional, national and/ or
global basis. Many of these factors may be more likely to occur, or more
pronounced, as a result of terrorist activities and their consequences. The
company assumes no obligation to update any forward-looking statement.
No duty to updateThe company assumes no obligation to update any information
contained herein.